In what is becoming more and more controversial, many states that received funds as part of a $25 billion settlement with five big banks over abuses in their mortgage and foreclosure practices intend to use the money to close budget gaps.
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In what is becoming more and more controversial, many states that received funds as part of a $25 billion settlement with five big banks over abuses in their mortgage and foreclosure practices intend to use the money to close budget gaps. Apparently someone has a bone to pick with Bank of America. A fake B of A website was created to address the bank’s recent perceived failures.
The Consumer Financial Protection Bureau’s proposed rules would require mortgage servicers to give all borrowers standardized monthly statements, warn borrowers about interest rate or insurance changes, improve record-keeping, and give borrowers options to avoid losing their homes The agency said it will formally propose the rules this summer and finalize them by January 2013. Read [...] Bank of America posted nearly $1.6 billion in net profit to common shareholders in the fourth quarter; that’s up from a $1.6 billion LOSS in the same period a year ago. So, can we expect improvement in behavior and social responsibility on the part of the nation’s largest bank?
Massachusetts Attorney General, Martha Coakley, announces she has filed a lawsuit against five of the nations largest banks. |
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