Welcome to DU!
The truly grassroots left-of-center political community where regular people, not algorithms, drive the discussions and set the standards.
Join the community:
Create a free account
Support DU (and get rid of ads!):
Become a Star Member
Latest Breaking News
General Discussion
The DU Lounge
All Forums
Issue Forums
Culture Forums
Alliance Forums
Region Forums
Support Forums
Help & Search
General Discussion
Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsSource: NY, California to Sign Mortgage Settlement
http://www.nytimes.com/aponline/2012/02/08/us/AP-US-Mortgage-Settlement.html?_r=1&hpA source close to the negotiations says New York and California have agreed to sign the proposed settlement between U.S. states and the nation's biggest mortgage lenders over deceptive foreclosure practices.
Bank of America, JPMorgan Chase, Wells Fargo, Citibank and Ally Financial agreed to the settlement, with up to $25 billion for lowering homeowners' mortgage principal, refinancing, a reserve account, and checks to homeowners.
The settlement grants immunity from civil lawsuits brought by state attorneys general against the lenders over narrowly defined "robo-signing" cases.
The source, who was not authorized to disclose the agreement before an announcement expected Thursday or Friday, says it will enable authorities to pursue all claims over mortgage-backed securities and lets them use facts from robo-signing claims in securities, insurance and tax fraud cases.
InfoView thread info, including edit history
TrashPut this thread in your Trash Can (My DU » Trash Can)
BookmarkAdd this thread to your Bookmarks (My DU » Bookmarks)
3 replies, 893 views
ShareGet links to this post and/or share on social media
AlertAlert this post for a rule violation
PowersThere are no powers you can use on this post
EditCannot edit other people's posts
ReplyReply to this post
EditCannot edit other people's posts
Rec (1)
ReplyReply to this post
3 replies
= new reply since forum marked as read
Highlight:
NoneDon't highlight anything
5 newestHighlight 5 most recent replies
Source: NY, California to Sign Mortgage Settlement (Original Post)
cal04
Feb 2012
OP
xchrom
(108,903 posts)1. I hope not. But we will see. Nt
msongs
(67,413 posts)2. banks wreck the nation and pay chump change in fines. good deal....for them nt
2pooped2pop
(5,420 posts)3. so they still want to protect the investors
who got screwed with the over rated mortgage bundles, and they still want to protect the banks from suits from homeowners, and the homeowners get another "great deal" like the hamp deal which helped few compared to what it was promised?