BLOOMBERG: 50 State AG's Ready To Settle Foreclosure Fraud, Not Criminal

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BLOOMBERG: 50 State AG’s Ready To Settle Foreclosure Fraud, Not Criminal

BLOOMBERG: 50 State AG’s Ready To Settle Foreclosure Fraud, Not Criminal

Foreclosure Deals to Start With Big Lenders, Iowa Says

By Margaret Cronin Fisk and Prashant Gopal – Jan 3, 2011 6:08 PM ET

The 50 state attorneys general probing U.S. foreclosure practices will first settle with the five largest loan servicers, including Bank of America Corp. and JPMorgan Chase & Co., Iowa Attorney General Tom Miller said.

No settlements have been reached yet, Miller said in a telephone interview today. The other three are Citigroup Inc., Wells Fargo & Co. and Ally Financial Inc., said Miller, the leader of the 50-state investigation. The five have 59 percent of the market, Miller said.

“What we’re looking at is five separate agreements with the five largest servicers,” Miller said. “We’re still a ways away” from reaching agreements, he said. “We’re working very hard to figure out what should be in the settlement.”

All 50 U.S. states are investigating whether banks and loan servicers used false documents and signatures to justify hundreds of thousands of foreclosures. The probe, announced Oct. 13, came after JPMorgan and Ally Financial’s GMAC mortgage unit said they would stop repossessions in 23 states where courts supervise home seizures, and Bank of America, the largest U.S. lender, froze foreclosures nationwide.


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3 Responses to “BLOOMBERG: 50 State AG’s Ready To Settle Foreclosure Fraud, Not Criminal”

  1. marilynhelyn says:

    If you sell a car that you don’t have TITLE to
    you go to jail,
    if you sell a house you don’t have TITLE to
    why aren’t they going to jail?

  2. Natalie J. Vivaldi-Anderson says:

    We were foreclosed on in March 2010 – Evicted July 8, 2010. My daughter, 2 Collies, and myself were taken care of by The Palace Hotel, S.F. where we stayed for 3 wks. until we could find a place who would take us. We presently reside in a 3-story Townhome in Sausalito. We lived in Corte Madera in our home for 36 yrs. (for me) and had $400,000 in Equity at the time. Mark Egide of Creekwood Capital, Novato was on the 2nd (another big mistake) and took the home despite the fact it was on the market and we were trying to sell. The home was in perfect condition but he would not give us a chance. He then had our Foreclosure Atty. release the Lis Pendis and State Court Lawsuit he had prepared for us in order for us to take our belongings out of the home. Our Atty. did not get our Authorization but just did it. I would not have approved this. Otherwise, Mark Egide was planning to sell everything. Mark Egide has since sold the home for $988,000 and has not given us the profit he made on it. I have contacted the new owners by letter (2) and in person stating the home was foreclosed on and Fraud is being charged to this man; therefore, making the sale of our home Void. I want our home back! Pls. we do need someone to help us. Thank you. Have interviewed 6 attys.
    including our Foreclosure atty. who refuses to help us as do the
    others.

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