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Three state AGs object to proposed mortgage pact

By Implode-Explode Heavy Industries

``The attorneys general for three U.S. states have voiced their objection to a proposed settlement with U.S. banks related to mortgage servicing and foreclosure abuses. The Republicans from Oklahoma, Nebraska and Alabama voiced their opposition in a letter dated March 16 to Iowa Attorney General Tom Miller, who is leading a 50-state mortgage servicing probe. They expressed concern that some elements of the proposal would override state laws, and argued that proposals aimed at forcing servicers to reduce mortgage loan balances to help keep borrowers in their homes go too far... New York Attorney General Eric Schneiderman, a Democrat, has said that he does not want a settlement to prevent his office from taking further action against mortgage servicers.''

Full post as published by Mortgage Lender Implode-o-Meter on March 17, 2011 (boomark / email).