WaPO | Government settlement with financial industry over foreclosure practices draws near

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WaPO | Government settlement with financial industry over foreclosure practices draws near

WaPO | Government settlement with financial industry over foreclosure practices draws near

By Brady Dennis
Washington Post Staff Writer
Thursday, February 24, 2011; 12:18 AM

State and federal officials, who have been negotiating with financial firms over how to address widespread abuses in foreclosure practices, are moving closer to a settlement that could force banks to reduce the principal on mortgages for some borrowers who owe more than their homes are worth.

An official familiar with discussions between the government and the financial industry said the settlement also could require that banks increase their efforts to modify mortgages for distressed borrowers and pay penalties that could be used as restitution for homeowners who have wrongfully faced foreclosure.

“State attorneys general are working closely with a number of federal agencies on a potential settlement,” Geoff Greenwood, a spokesman for Iowa Attorney General Tom Miller (D), who is leading a 50-state investigation of the foreclosure mess, said in an interview Wednesday. He added, “We haven’t finalized anything, and we’re still working on some very complicated issues.”

Continue reading … Washington Post

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4 Responses to “WaPO | Government settlement with financial industry over foreclosure practices draws near”

  1. dpreston says:

    Why the F**k would anyone modify with the assholes who are defrauding them?? This is just another deceptive debt collection practice in wolves clothes. More fraud being covered up. This is sick. Our nation is sick. It is deceptive. It is unethical and disgusting. Its very apparent, “in God we Trust” has gone out the window. These cases need to be dismissed with prejudice. Its the only just way. If the banks wouldn’t modify before they had a chance to cover up the fraud. I think it would be so stupid to take them up on any offer especially since they DON’T OWN the NOTE to modify! Get a grip. These banks are crooks and our government is in on the ponzi schemes across America. They never thought anyone would or could figure this out. They are deplorable and someone NEEDS to go TO JAIL!! So sick of this. If I falsified documents and put them into the courts I’m sure I would be doing jail time. Why is it so hard??? Oh yeah, the FBI works with the BANKS. How DISCUSTING is that!!!!!?????????? Debi

  2. dpreston says:

    Our attorney generals are a joke. This isn’t helping anything. Its fraud. Why would u modify a loan the bank has to standing on? This is another sick example on the powers that be. Everyone had to be in on it for this to continue. This is sick and wrong and another attempt to cover up massive fraud upon the court and humanity. The peole are damaged from this. Psychologically as well as financially. Where is “our representation”. The banks are the only one represented and if u check out the lobby moneys that were paid out by banks and servicers-u will see why congress and the senate and even the president don’t give a shit about the people. All they want is to steal the house, take the TARP $ nd the HAMP money so their balance sheets look healthy. This is a sick, corrupt nation full of liars and thieves. This is fraud upon america in every sense of the word. What a sick and horrifying world we are living in now. When u can’t believe ANYONE in authority it is a sad and hopeless day. Debi

  3. losing my home in florida says:

    preston i am with you i am so fustrayed to amd not sure what to do. i am foreclosure hamlet alot. florida is having a rally in tally on march 9th. if you are in another state you have to prostest in oyur capitol where you live this is an out rage. wels fargo keeps losing my paper work for mod they will never give me all stall tactics for my forecloure. i am sickened and sstrssed

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