Fox Business Sources at Citigroup and Bank of America tell FOX Business that bank officials worked through the weekend and were in close talks with state attorneys general and the Department of Justice to try to wrap up a potential $20 billion settlement that could come as early as this week or next over improper mortgage practices and robosigning.
The would-be settlement involves foreclosure papers that were rubberstamped, allegedly pushing many out of their homes. JPMorgan Chase, Ally Financial and Wells Fargo are also involved in the talks, sources say.
A number of sticking points could still hang up the deal, these sources add. These bank sources say the Administration at the same time is pressing ahead on sweeping new guidelines for mortgage lenders nationwide which could be part of the deal, possibly one of the biggest overhauls of an industry since the tobacco settlement in 1998……
Read more: http://www.foxbusiness.com/markets/2011/10/10/foreclosure-settlement-imminent-bank-sources-say/#ixzz1aPEZ0bsm
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