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State AGs propose settlement with mortgage servicers

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The backlash against an aggressive mortgage servicing settlement reached new heights on Wednesday as lawmakers sharply criticized Elizabeth Warren of the consumer financial protection Bureau (CFPB) for her involvement and two state attorneys general vocally opposed the proposed deal.. While a House hearing on the CFPB turned into an attack on the agency’s role in the settlement, Republican.

WASHINGTON – Four state attorneys general have sent a letter to Iowa AG Tom Miller objecting to provisions of the 27-page proposed settlement with the top five servicers. Attorneys General Kenneth Cuccinelli of Virginia, Greg Abbott of Texas, Pam Bondi of Florida, and Alan Wilson of South Carolina.

WASHINGTON (CNNMoney.com) — State attorneys. and the five largest mortgage servicers, which comprise 59% of the market. Miller refused to confirm reports that the talks have included a proposed.

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WASHINGTON – After months of stalemate, the state attorneys general have proposed new terms to the top five mortgage servicers that drop some controversial provisions of their first attempt at a settlement, including a push to force banks to reduce principal on thousands of mortgages.

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March 11 (Reuters) – The state attorneys general have presented the five biggest U.S. mortgage servicers with a proposal to settle allegations. consumer groups and the state AGs strongly favor this.

Bank of America Corp., Wells Fargo & Co. and fellow mortgage servicers. proposed settlement and questioned whether the Consumer Financial Protection Bureau has authority to take part in the talks..

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Limited Release of Claims: The settlement releases state AG (and some bank regulator) claims only for servicing practices, robo-signing, foreclosure processing and origination practices. It also releases federal civil claims based on servicing of mortgage loans, originating mortgage loans, and servicing of loans of borrowers in bankruptcy.

Delaware Attorney General Beau Biden has voiced his objection to the proposed settlement between Bank of America and Bank of New York Mellon and has petitioned the New York Supreme Court for permission to intervene in its review of the .5 billion settlement currently being contemplated.

MBA: Mortgage applications slide 0.6% from last week The refinance share of mortgage activity fell to 38.8% of total applications, down from 39.4% the previous week. The FHA share of total applications fell to 9.5% from 9.9%, the VA share fell to 10.9% from 11.3%, and the USDA share remained unchanged at 0.6%.

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