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 03:05:49
Quote: 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 Masto’s goal of helping homeowners.
“Bank 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,†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 haven’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.
“We’re working with state attorney generals, our federal
partners and the banks on resolving the liability issue,†he
said.
mortgage fraud.†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 state’s deceptive
trade practices act by misleading consumers in part by making
false assurances that their homes wouldn’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)