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Released: August 04, 2011
Bank of America pursues protection from lawsuits
Source: Cezary Podkul, Wahington Post (Free Registration)
Bank of America is pursuing a settlement with state and federal officials that would shield the company from lawsuits over its mortgage practices in exchange for reducing the amount that struggling homeowners owe on their loans, people involved in the talks said. The banking giant had proposed the terms as a side deal to a broader agreement being hammered out among the country’s five biggest banks, federal investigators and a coalition of attorneys general from each state, these people said. The negotiations have focused on whether banks used shoddy or fraudulent paperwork to foreclose on homeowners.Read Full Article: Bank of America pursues protection from lawsuits
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