BLOOMBERG | Foreclosure Terms May Cause 'Moral Hazard,' Four States Say


BLOOMBERG | Foreclosure Terms May Cause ‘Moral Hazard,’ Four States Say

BLOOMBERG | Foreclosure Terms May Cause ‘Moral Hazard,’ Four States Say

By Robert Schmidt and Tom Schoenberg

(Updates with excerpt from letter in fourth paragraph.)

March 22 (Bloomberg) — Four more Republican state attorneys general are opposing a plan to resolve a nationwide probe of foreclosure and mortgage-servicing practices because the terms may foster a “moral hazard.”

In a letter today to Iowa Attorney General Tom Miller, a Democrat who has taken the lead in the investigation, the officials objected to new documentation requirements and principal reductions outlined in the proposed settlement submitted to the country’s top mortgage-servicing companies this month.

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