Bank Foreclosure Accord Backed by Oregon, Connecticut Attorneys General

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Bank Foreclosure Accord Backed by Oregon, Connecticut Attorneys General

Bank Foreclosure Accord Backed by Oregon, Connecticut Attorneys General

Some states have raised concerns about the releases, saying they shouldn’t protect banks from claims that haven’t been investigated.

It would be nice to see the AG’s grow some ***** and treat this as a crime scene and not bow down. I disagree with Kroger.

Bloomberg-

Oregon’s attorney general agreed to join a proposed multistate settlement over foreclosure and mortgage-servicing, saying it penalizes banks and offers relief to homeowners.

The settlement will provide $30 million to the state and as much as $200 million in relief to Oregon homeowners, including those facing foreclosure, Attorney General John Kroger said today in a statement.

“This agreement penalizes banks that engaged in wrongful foreclosure practices and brings badly needed relief for distressed homeowners,” he said. “I am not confident we could get a better agreement on this limited set of issues if we litigated for several more years.”

[…]

Connecticut Attorney General George Jepsen said in an e- mailed statement yesterday that he would also sign on to the agreement. The deal “would impose tough new servicing standards on banks and hold them accountable for what have become familiar abuses,” he said.

[BLOOMBERG]

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