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Inside Washington (01/03/2013)
  • WASHINGTON (1/3/13)--Regulators are close to a $10 billion settlement with 14 of the nation's largest banks that would end the government's efforts to hold lenders responsible for foreclosure abuses, The New York Times reported Monday. The deal would also likely put an end to recent warnings from independent consultants, the Government Accountability Office and lawmakers cautioning regulators that their foreclosure reviews were faulty, according to the American Banker (Jan. 2). A settlement could help resolve allegations of foreclosure mistakes and misconduct during the current review process, the Banker said. A random sampling of foreclosures showed that 11% of all foreclosures would require remediation payments or other compensation, Rep. Brad Miller (D-N.C.) and other members of Congress said during a 2012 hearing. Still to be determined is how regulators will distribute $3.75 billion in direct homeowner remediation payments …


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