State AGs warn banks about reaching foreclosure settlement

05/25/2011 | Wall Street Journal, The

State attorneys general told representatives of five of the largest banks in the U.S. that they need to reach a settlement agreement over foreclosure practices or they will face civil lawsuits of $17 billion or more, sources said. A specific settlement figure has yet to be proposed by federal and state authorities, but the financial institutions have proposed a settlement of $5 billion, which would be used to compensate wronged borrowers.

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