Bank of America Accused of "Divide and Conquer" Strategy of Foreclosure Fraud Settlement Probe


Bank of America Accused of “Divide and Conquer” Strategy of Foreclosure Fraud Settlement Probe

Bank of America Accused of “Divide and Conquer” Strategy of Foreclosure Fraud Settlement Probe


Bank of America Corp. (BAC) was accused by a top official at the Iowa attorney general’s office of engaging in a divide-and-conquer strategy by undermining support for the settlement of a nationwide probe into foreclosure practices, a person familiar with the matter said.

The bank tried to get attorneys general to break away from those supporting the proposed accord, Iowa Assistant Attorney General Patrick Madigan said during a recent conference call, according to the person. A second person familiar with the settlement talks said the bank sought to sow dissent among the states, eight of which have publicly criticized the proposal’s terms. Both people asked not to be identified because the talks are private. Madigan declined to comment.

“We have held face to face negotiating sessions and our negotiations continue,” Iowa Attorney General Tom Miller, a Democrat who leads the 50-state effort, said in a statement. “We believe all the banks are negotiating in good faith.”

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2 Responses to “Bank of America Accused of “Divide and Conquer” Strategy of Foreclosure Fraud Settlement Probe”

  1. John Anderson says:

    How about the AGs forcing the banks to follow the rule of law?
    How about them prosecuting the robo signers and the firms they worked for?
    How about them getting their noses out of the banks ass?
    Now about throwing their ass’s out of office next election, and forcing the banks to pay off a new group?

  2. Pat says:

    If anyone wonders why real estate isn’t coming back in the U.S., it is because of lax legislation prohibiting predatory lenders and mortgage & servicing fraud, not because of housing prices.

    After seeing what bankers are able to get away with, (including the government sponsored bail out), no one wants to become entangled with the mortgage banking beast because it is unsafe.


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