Saturday, September 8, 2012
Foreclosure Agreement May Expand:
You probably recall that a few months ago, the Attorneys General of 49 states reached a historic agreement with the five largest mortgage lending institutions (JP Morgan Chase, Citigroup, Wells Fargo, Bank of America, and Ally Financial [formerly known as GMAC] to try to allay at least some of the damage caused by such actions as robosigning and other improper practices by the foreclosing institutions and their representatives. Well, the same attorneys general are pushing another four major mortgage lenders to agree to the terms of the agreement. While these lenders are not of the same magnitude as the original five, they still do have a sizable portfolio of mortgages and related foreclosures/defaulted properties.
The lenders in this latest action are reported to be: US Bancorp; PNC Financial Services Group; Sun Trust Banks and HSBC Holdings. The reported negotiations with the newest four lenders are unconfirmed as talks are 'private'. However, it's a reasonable bet that the identities are correct as the names wouldn't likely be reported if someone close to the negotiations hadn't leaked some info on them.
What to do if you're mortgaged with any of these lenders or have lost your home to one of them. Pay close attention to the news for more info and check regularly with your state attorney general for any additional confirmation or info.
As always, Good Luck.
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