AGs, Banks Eye Deal On Mortgage Abuse Claims

Law360, New York (November 1, 2011, 4:48 PM EDT) -- State attorneys general and the country's five largest mortgage servicers, including Bank of America Corp. and Citigroup Inc., are making headway in talks to end a yearlong probe into whether the companies engaged in illegal foreclosure practices, a spokesman for Iowa's attorney general said Tuesday.

U.S. states and the U.S. Department of Justice are accusing BofA, Citigroup, JPMorgan Chase & Co., Ally Financial Inc. and Wells Fargo & Co. of foreclosing on mortgages without following proper procedures.

The multistate negotiations are being led by Iowa Attorney...
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