Residents and consumer groups will meet with Iowa Attorney General Tom Miller Tuesday to push for a national settlement in the robo-signing investigation. Miller is leading the 50-state AG investigation into major lenders such Wells Fargo (WFC), Bank of America (BAC), Ally Financial (GJM) and JPMorgan Chase (JPM) for signing foreclosure affidavits without reviewing documentation or having previous knowledge of a specific case. Miller believes a strong settlement would require banks to complete substantially more loan modifications, offer borrowers a principal reduction before allowing a foreclosure proceeding and include remedial action for foreclosed homeowners who have already lost their residence. At a first meeting, Miller said he supports criminal prosecutions for banking executives as a possible outcome from a partnership between his office, and the U.S. Attorney for the Southern District of Iowa. A spokesman for Miller’s office told HousingWire that the multistate investigation is a civil one. This will be the second meeting with consumer groups, such Iowa Citizens for Community Improvement, on this issue. The Iowa CCI has more than 250 members. The meeting will be held Tuesday Jan. 25 at the Wallace Building on E. 9th Street in Des Moines. Write to Christine Ricciardi. Follow her on Twitter @HWnewbieCR. Disclosure: The author holds no relevant investments.
Iowa AG Miller to meet with consumer groups on robo-signing settlement
Most Popular Articles
Latest Articles
NAMB partners with Roomvu on digital marketing efforts
NAMB members can use automation tools through Roomvu to market their services, create content and distribute newsletters.
-
New American Funding onboards top Chicago loan officer
-
Opinion: No benefit to home sellers is worth sacrificing first-time homebuyers
-
Weekly active inventory growth still too slow
-
While the Austin housing market isn’t sizzling, agents say it is still warm
-
CMLS looks to weigh in on the DOJ’s statement of interest