According to Iowa Attorney General Tom Miller, Bank of America (NYSE:BAC) and Wells Fargo (NYSE:WFC) may be the first of the major banks to settle the probe by 50 state attorneys general over foreclosure practices by the giant financial institutions.
Other major banks involved in the probe are Citigroup (NYSE:C), Ally Financial (NYSE:GJM) and JPMorgan (NYSE:JPM). The five giant banks account for about 59 percent of the market.
At issue is whether or not the banks used false signatures and documents during the foreclosure process.
Bank of America is trading at $14.20, up $0.01, or 0.07 percent, as of 2:07 PM EST. Wells Fargo was at $31.69, up $0.11, or 0.35 percent.
Tuesday, January 4, 2011
Bank of America (NYSE:BAC), Wells Fargo (NYSE:WFC) May Settle Foreclosure Probe First
Subscribe to:
Post Comments (Atom)
![[Most Recent Quotes from www.kitco.com]](http://www.kitconet.com/charts/metals/gold/t24_au_en_usoz_2.gif)
1 comment:
Consumers are at the mercy of their State Attorneys General to perform their duty, primarily to vigorously attack economic fraud! Prior to deals with lenders, SCORES OF PEOPLE NEED TO BE JAILED in order to deter this social scourge.
State Attorney General Tom Miller seems to have given American consumers false hope that we would not sink in the Economic Titanic, created from BLATANT FINANCIAL FRAUD & GREED.
The settlement “deal” show that working class people have no real surety for consumer rights. It shows that Americans cannot afford to rely on lawmakers for our well-being; and we must enhance our knowledge base –for our good as well as our loved ones and neighbors.
Concerning foreclosure fraud, outrageous facts are contained in the Petition: “Request for Congressional Foreclosure Panel to Examine Foreclosure Lawyers” @ http://chn.ge/eU2zA. Hopefully, people will continue signing and sharing that petition. Perhaps we can also bombard our AG’s with copies, compelling them to investigate and prosecute wrongdoers.
More than ever –aside from lawmakers, investigative reporters who put their safety on the line, and news media– average citizens need also to TAKE INITIATIVES for a better America.
*Commentary: “Emerging Battleground on Mortgage Abuses: Foreclosure Mills” @ http://t.co/riJXgou
* Foreclosure Frauds, Wells Fargo-the Fox in Charge http://bit.ly/bWpQCj
*Request for Congressional Foreclosure Panel to Examine Foreclosure Lawyers http://chn.ge/eU2zAm”
Post a Comment