Jpmorgan Chase & Co (JPM) Financial News - Nevada Joins States Balking at Bank Releases in Foreclosure Deal
Jpmorgan Chase & Co (JPM)
Nevada Joins States Balking at Bank Releases in Foreclosure Deal
2011-08-16 03:05:49Quote: CharlotteJPMorgan Chase & Co. (JPM), over their servicing and foreclosure practices. A person familiar with the matter said last month that banks want liability releases that cover other areas of their mortgage operations besides servicing, including the bundling of loans into securities. Dan Frahm, a spokesman for Bank of America, said the bank shares Mastoâ€™s goal of helping homeowners. â€œBank of America has been a cooperative partner with the Attorney General, and has worked with state leaders to evolve programs and resources to broaden assistance to distressed customers,â€ he said in an e-mailed statement. Tom Kelly, a JPMorgan spokesman, declined to comment. Other States Massachusetts in resisting broad releases for the banks in any settlement. Those states are conducting their own investigations into mortgage practices of banks. Justice Department havenâ€™t yet reached an agreement with the banks about the releases, said Geoff Greenwood, a spokesman for Iowa Attorney General Tom Miller, who is leading negotiations for the states in the nationwide probe. Greenwood declined to comment about how individual state investigations may be affected. â€œWeâ€™re working with state attorney generals, our federal partners and the banks on resolving the liability issue,â€ he said. mortgage fraud.â€ She declined to provide details or say which companies are under investigation. The office has a civil investigation into mortgage securitization, she said. mortgage loansLas Vegas and moved to federal court in Reno, Nevada. Deceptive Trade Practices Nevada claimed that the bank violated the stateâ€™s deceptive trade practices act by misleading consumers in part by making false assurances that their homes wouldnâ€™t be foreclosed on while requests for modifications were pending, giving inaccurate and deceptive reasons for denying modifications, and making false promises th...
Open whole article (external link)