Volume 29 - Number 4
January 27, 2012
Report Puts Price Tag for AG Settlement at $25 Billion, Foreclosed Borrowers Would Pass Go, Collect $1,800
The never-ending board game over mortgage foreclosure processing errors flailed through another week of meetings between state attorneys general, top lenders and federal officials that were so “informal” many didn’t confirm that they were in attendance. A leaked copy of a new draft settlement indicates that the latest offer on the table includes $17 billion in principal reductions and a $5 billion reserve account for state and federal programs. According to the Associated Press, some of that account would pay for $1,800 checks to homeowners affected by banks’ deceptive practices. Another $3...
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