12 May '11, 8pm

Banks Flirt With Foreclosure Settlement

Banks Flirt With Foreclosure Settlement

The nation's largest banks took their first tentative steps toward settlement as they offered to pay up to $5 billion to settle claims related to allegations of foreclosure fraud. The amount represents a fraction of the potential liabilities for the banks and is far short of the more than $20 billion in penalties alone sought by officials. The Wall Street Journal offers up the contours of the initial negotiations. While a final deal is far, far away, the key points of discussion are helpful in gauging just how severely these institutions will be punished for their role in the collapse of the housing market. Government officials have two broad categories they want addressed: Changes in mortgage-servicing practices and allocation of penalties including the reduction of loan balances for certain borrowers, such as those who now owe more on their mortgage than their house is w...

Full article: http://www.care2.com/causes/politics/blog/banks-flirt-wit...

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