How many settlements have already taken place? This won’t stop the banks either!

REUTERS-

A proposed settlement to resolve mortgage abuses by top U.S. banks will give states broad authority to punish firms that mistreat borrowers in the future, according to documents seen by Reuters on Wednesday.

Under the settlement, which states are currently reviewing to decide whether they will join, the states and a separate “monitoring committee” will have the authority to go to court to enforce the terms and seek penalties of up to $5 million per violation.

A strong enforcement mechanism could help the states and the Obama administration sell the deal to the public, after left-leaning activist groups have questioned whether the negotiations were too lenient on the banks.

States have just a few more days to make a decision, and an announcement of a settlement could come as early as next week, people familiar with the talks said.

[REUTERS/YAHOO]

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