Four Regional Banks Discuss Settlement Over Botched Foreclosures

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Four Regional Banks Discuss Settlement Over Botched Foreclosures

Four Regional Banks Discuss Settlement Over Botched Foreclosures

Business Week-

U.S. state attorneys general are pressing four regional banks to accept a legal settlement over botched foreclosures similar to a deal reached with larger competitors earlier this year, according to three people briefed on the matter.

U.S. Bancorp (SFBC), PNC Financial Services Group (PNC) Inc., SunTrust Banks Inc. (STI) and HSBC Holdings Plc (HSBA) have held talks with state and federal officials who investigated allegations that mortgage servicers mishandled foreclosure documents, according to the people, who spoke on condition of anonymity because the talks are private.

Neil Brazil, a spokesman for HSBC North America, said in an e-mail that the London-based bank has had “preliminary discussions with its bank regulators and other governmental agencies,” and that “the timing of any settlement is not presently known.”

[BUSINESS WEEK]

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