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Lenders in talks with states on foreclosure probes: report
A demonstrator's sign is seen outside the JPMorgan Chase annual shareholders meeting in New York's financial district, May 18, 2010.
Credit: Reuters/Brendan McDermid
BANGALORE |
BANGALORE (Reuters) - Several U.S. lenders including JPMorgan Chase and Bank of America, and their legal advisers, have started talks with state attorneys general to resolve a probe of foreclosure practices, the Wall Street Journal said.
Executives and lawyers of JPMorgan and Bank of America have separately met with the Florida Attorney General last week, the Journal said, citing people familiar with the matter.
JPMorgan and Bank of America could not immediately be reached for comment by Reuters outside regular U.S. business hours.
All 50 U.S. states have started a joint investigation of the mortgage industry, focusing on allegations that for years banks have not reviewed documents properly or have submitted false statements to evict delinquent borrowers.
(Reporting by Sakthi Prasad in Bangalore; Editing by Dhara Ranasinghe)
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Generally speaking, I would say the proposal for a Homeowners and Bank Protection Act (HBPA), in the tradition of F.D. Roosevelt’s history-making legislation almost 80 years ago, along with a reinstitution of Glass-Steagall (another FDR achievement) sets the standard for what should be done. More info on that at www.larouchepac.com.
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