SEARCH

Entries in Tom Miller (1)

Monday
Mar072011

Officials Hope for Foreclosure Deal Within Two Months

ABC News (WASHINGTON) -- Federal officials leading the investigation into allegations that mortgage companies broke state laws when processing foreclosures said Monday they hope to agree on a final settlement with banks within two months.
 
“What we’re really trying to do is change a dysfunctional system....We’re hopeful that we can reach a resolution that will be good for homeowners and good for the banks in the long run and most importantly good for the country,” Iowa Attorney General Tom Miller, who is leading the 50-state investigation, told reporters at a press conference in Washington on Monday.
 
Miller said he is hopeful they can wrap up the process in the next two months. “I mean a soft two, not quite a literal two, but I’m hoping,” he said.
 
North Carolina Attorney General Roy Cooper warned they should move quickly so uncertainty doesn’t linger too long. “We realize that the result that we come to can have an impact on the housing market and hence the economy. That’s why all of us at the table want it to be a positive impact and part of that is moving as quickly as we can,” he said.
 
Regulators and the state attorneys general are hoping to negotiate a settlement over the reported mortgage servicing problems, including the use of so-called “robo-signers” who rushed foreclosures through the system without properly reviewing the details of the cases.
 
Copyright 2011 ABC News Radio 







ABC News Radio