Legal Newsline

Thursday, January 23, 2020

AGs met to talk foreclosure settlement

By John O'Brien | Jan 17, 2012


DES MOINES, Iowa (Legal Newsline) - A spokesman for Iowa Attorney General Tom Miller says that despite last week's meeting, there is no settlement in a nationwide investigation of the foreclosure practices of the nation's top mortgage servicers.

Geoff Greenwood, Miller's communications director, said a one-day meeting of the attorneys general involved did not produce an agreement. The meeting took place Thursday in Washington, D.C.

"We think we're getting very close, but we still don't have a settlement to announce," Greenwood said.

Miller had told the Des Moines Register in December that a deal should be done by Christmas. Wells Fargo, JPMorgan Chase, Citigroup, Ally Financial and Bank of America are looking to reach a nationwide settlement. Miller is leading the talks.

However, several attorneys general have expressed concern with the process. Massachusetts Attorney General Martha Coakley has filed a lawsuit against the five.

New York's Eric Schneiderman, California's Kamala Harris and Nevada's Catherine Cortez Masto have also started their own investigations.

The probe began in October 2010 with inquiries into so-called "robosigning" practices by several mortgage companies, and has since broadened into identifying and addressing additional alleged improper foreclosure practices.

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Organizations in this Story

CitigroupWells Fargo & Company