Friday, February 25, 2011

Obama Administration Pushing For A Global, $20 Billion Settlement To End Foreclosuregate

The Obama administration wants to push through a massive settlement over mortgage-servicing breakdowns that could force the nation's biggest lenders to shell out more than $20 billion in fines, or to at least fund the same amount in loan modifications for troubled borrowers, the WSJ reports.

According to Reuters, the terms of the proposal, which would obviously require a commitment from the mortgage servicers themselves, have not yet been presented to the banks.

The White House hopes such a deal would allow the foreclosure process to start ramping up again.'


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