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Oklahoma Attorney General Scott Pruitt Goes After Own Fraudclosure Settlement

Oklahoma Attorney General Scott Pruitt Goes After Own Fraudclosure Settlement


BLOOMBERG

Oklahoma Plan

Oklahoma Attorney General Scott Pruitt is seeking an alternative settlement with banks that respects “the appropriate role of attorneys general,” his office said in a statement today. The settlement could be a model for other states, Pruitt said.

© 2010-15 FORECLOSURE FRAUD | by DinSFLA. All rights reserved.



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Georgia Joins Dissenters Opposing Writedown Plan in State Foreclosure Deal

Georgia Joins Dissenters Opposing Writedown Plan in State Foreclosure Deal


BLOOMBERG-

Georgia Attorney General Sam Olens said he has “significant concerns” about a proposal to reduce loan balances for some homeowners as part of a settlement of a nationwide foreclosure probe, joining at least seven other states that have criticized such a plan.

A deal with the top mortgage servicers in the U.S. that includes writedowns could encourage homeowners who are current on their loans to stop making payments, Olens, a Republican, said today in a telephone interview.

“You’re declaring in advance who the winners and losers are,” Olens said. “I’m a little concerned that this process disengages the normal market forces.”

© 2010-15 FORECLOSURE FRAUD | by DinSFLA. All rights reserved.



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BLOOMBERG | Foreclosure Terms May Cause ‘Moral Hazard,’ Four States Say

BLOOMBERG | Foreclosure Terms May Cause ‘Moral Hazard,’ Four States Say


By Robert Schmidt and Tom Schoenberg

(Updates with excerpt from letter in fourth paragraph.)

March 22 (Bloomberg) — Four more Republican state attorneys general are opposing a plan to resolve a nationwide probe of foreclosure and mortgage-servicing practices because the terms may foster a “moral hazard.”

In a letter today to Iowa Attorney General Tom Miller, a Democrat who has taken the lead in the investigation, the officials objected to new documentation requirements and principal reductions outlined in the proposed settlement submitted to the country’s top mortgage-servicing companies this month.

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