Foreclosure Inquiry Update
Foreclosure Inquiry Update
Iowa Attorney General Tom Miller, who is heading a joint probe by all 50 states into the foreclosure practices of the nation's lenders, said that the investigation will settle first with the five largest servicers in the country. The five are Bank of America Corp., JPMorgan Chase & Co., Citigroup, Wells Fargo, and Ally Financial. Between the five banks, they originate almost 60 percent of home loans in the US, Miller said.
Miller and the Attorneys General of the other 49 states are investigating whether banks and loan servicers used false documents and improperly notarized signatures in filing hundreds of thousands of foreclosures around the nation. The probe was launched October 13th after Ally, JPMorgan, and BoA announced voluntary freezing of foreclosure practices in response to the crisis.
Iowa Attorney General Tom Miller, who is heading a joint probe by all 50 states into the foreclosure practices of the nation's lenders, said that the investigation will settle first with the five largest servicers in the country. The five are Bank of America Corp., JPMorgan Chase & Co., Citigroup, Wells Fargo, and Ally Financial. Between the five banks, they originate almost 60 percent of home loans in the US, Miller said.
Miller and the Attorneys General of the other 49 states are investigating whether banks and loan servicers used false documents and improperly notarized signatures in filing hundreds of thousands of foreclosures around the nation. The probe was launched October 13th after Ally, JPMorgan, and BoA announced voluntary freezing of foreclosure practices in response to the crisis.
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