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Fourteen banks are reportedly set to reach a
with regulators over abusive foreclosure practices such as incorrect paperwork and excessive charges. The banks include the five that agreed to pay $26B in another deal earlier this year - JPMorgan (
), Bank of America (
), Wells Fargo (
), Citigroup (
) and Ally Financial. The latest settlement will allow banks to end a review of 4M loan files that has cost 1.5B so far.
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I challenge anyone, professional, experienced, or lawyer, to consistently complete accurate documentation for real estate loans given the phenomenally complex, voluminous, and restrictive requirements in place now in the business of real estate lending. When you got your loan you signed them, did you read them?
Dec 31 05:06 PM
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