Officials across US are looking to expand the foreclosure settlement.Quicklink submitted by Amanda Lang Permalink
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|State and federal officials who recently completed a $25 billion settlement with five of the nation's largest banks over shoddy foreclosure practices have begun discussing how to apply some of the terms of that deal to a wider array of financial firms. The landmark agreement finalized in February in part forces the five major banks to overhaul flawed and fraudulent foreclosure practices that had become common in recent years. Those changes include forbidding 'robo-signing' of documents and providing a single point of contact to homeowners, who in the past often faced foreclosure from the banks even as they were negotiating ways to remain in their homes. Officials have repeatedly said they hope to see similar reforms at other banks and financial firms, where many of the same questionable practices have persisted.|
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