Following an investigation into their unsavory foreclosure practices, a settlement may be near between the 50 Attorneys general and some major banks, although an agreement on potential monetary payments by lenders have not been reached.
As the housing sector collapsed, banks engaged in faulty foreclosure practices, which law enforcement officials said may violate state law.
According to Bloomberg News, significant progress has been made in working out a deal with lenders, including Bank of America Corp. and JPMorgan Chase & Co., with agreements reached on several issues.
States are seeking to get principal reductions for borrowers which banks, so far, have not been willing to agreed to.
It may take at least, two more months before a final agreement is reached with the banks, reports Bloomberg News.
In addition to Bank of America and JPMorgan, also taking part in the regulator agreements were Wells Fargo & Co., Citigroup Inc., the GMAC unit of Ally Financial Inc., Aurora Bank FSB, EverBank Financial Corp., HSBC Holdings Plc, OneWest, MetLife Inc., PNC Financial Services Group Inc., Sovereign Bank, SunTrust Banks Inc., and US Bancorp.
The banks involved in the talks with the 50 states are: Bank of America, JPMorgan, San Francisco-based Wells Fargo, New York-based Citigroup and Detroit-based Ally
