Foreclosure Talks Snag on Bank Liability

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Foreclosure Talks Snag on Bank Liability

Foreclosure Talks Snag on Bank Liability

In the “Real World” there is no negotiating with criminals. In the “Real World” there are no discussions on Settling FRAUD. In the “Real World” there is NO ALTERNATIVE.

They will still try to come at you with a deficiency judgment…get paid and win again.

WSJ

Efforts to reach a settlement that would end the long-running probe of foreclosure practices are snagged over whether banks will get broad legal immunity from state officials for mortgage-related claims.

Federal and state officials are seeking penalties of $20 billion to $25 billion from Bank of America Corp., J.P. Morgan Chase & Co. and other financial firms under investigation since last fall. The banks are pushing hard for a deal, but they have insisted on a wide-ranging legal release from state attorneys general.

“They wanted to be released from everything, including original sin,” said a U.S. official involved in the discussions. The legal protection sought by the banks included loan origination; securitization and servicing practices; fair-lending procedures; and their use of the Mortgage Electronic Registration Systems, an industry-owned loan registry that often acts as an agent for owners of mortgage loans, people familiar with the discussions said.

[WALL STREET JOURNAL]

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