Settlement Agreement Talks Continue As Most State AGs Sign On

Posted by Orb Staff on February 07, 2012 No Comments
Categories : Mortgage Servicing

10884_tommiller Settlement Agreement Talks Continue As Most State AGs Sign On The ongoing efforts to hammer out a final agreement between the nation's five major banks and a coalition of federal and state agencies is still a work in progress.

According to media reports, more than 40 state attorneys general have signed the $25 billion settlement, which addresses issues relating to mortgage servicing and foreclosure controversies. However, at least seven state attorneys general – representing Arizona, California, Delaware, Florida, Massachusetts, Nevada and New York – have publicly declined to commit to the agreement, with the officials stating they are still reviewing the settlement's details. The deadline for signing was originally Feb. 3, but was later extended to Feb. 6.

Iowa Attorney General Tom Miller (pictured left), in a statement issued yesterday, said that the negotiating process is reaching a conclusion.

‘This enables us to move forward into the very final stages of remaining work,’ Miller said. ‘Federal and state officials, as well as representatives from the banks, continue to address matters that they must complete before finalizing any settlement.’

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