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 well-drafted equipment lease or equipment financing agreement differs substantially from documentation often used by traditional lenders in transactions secured by personal property. Some of the key differences are a result of the equipment lessors’/lenders’ focus on the leased or... read more
For years I’ve kept a watchful eye on the evolving world of marketplace lending. For much of my career I was responsible for overseeing underwriting for traditional banking organizations — first for consumer loans at American Express and then small... read more