Foreclosure Probe, Foreclosure Fraud | featured news

U.S. seals mortgage settlement with top banks

Mortgage Settlement

The U.S. government said on Thursday that the biggest U.S. banks will provide $25 billion in relief to distressed homeowners and states, as officials hold lenders responsible for taking illegal shortcuts during foreclosures and other mortgage paperwork.

 

Foreclosure Fraud Price Tag: $20 Billion

Foreclosure Fraud Price Tag: $20 Billion

The nation's largest mortgage companies are operating on the assumption that they will have to pay as much as $20 billion to resolve claims of widespread foreclosure abuse, an amount four times what they had originally proposed, the top federal official overseeing the discussions told state officials Monday, according to people who participated in the conversation.

 

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