Bloomberg noted in a story today (2/10/12) that hashing out the $25 billion settlement reached by Bank of America, JPMorgan Chase and three other U.S. banks with 49 states required missing some football.
According to three people involved in the discussions, Bloomberg said bank executives, state officials and U.S. Housing Secretary Shaun Donovan worked frantically over Super Bowl weekend. The negotiations ran down to the wire the night before the agreement was announced, Bloomberg notes.
The result was what the U.S. called the largest federal-state civil settlement in the nation’s history, ending a probe of abusive foreclosure practices stemming from the collapse of the housing bubble.
To read the full Bloomberg story click here.
Previously on monitordaily.com: Five Largest Mortgage Servicers Agree to $25B Settlement, published February 9, 2012
No tags available
A profitable equipment leasing and finance business is a hot commodity today. Banks are snatching up independent companies, portfolios and origination platforms and paying top dollar for the privilege of owning a strong book of earning assets, or a team... read more
The equipment leasing and finance industry comprises hundreds of companies — captive, bank-owned, independent, etc. — employing thousands throughout the U.S. However, only a little over 200 have a designation that some say shows a commitment to the industry above... read more