State attorneys general and federal officials conducted a full day session trading Wednesday on foreclosure crisis in the country with five major banks in the country, addressing allegations of irregularities that police officers say have impacted millions of Americans facing foreclosure.
Iowa Attorney General Tom Miller, convened the meeting at the Department of Justice "a good first step" for changes in the practices of foreclosure, but Miller said the two sides have a long way to go.
In brief remarks to reporters, Miller refused to say whether the participants focused on possible fines and penalties to the banks.
"It has been far-reaching and productive," said Miller, of the discussion. general counsel of the State of Delaware, Virginia, North Carolina and Illinois also participated, along with representatives of 10 state attorneys general and others.
The Department of Justice and Miller are a coordinated law enforcement initiative to ensure that large mortgage services work with borrowers to find alternatives to foreclosure. The five banks involved in Wednesday's talks were Bank of America, Wells Fargo, Citibank, Chase and GMAC.
Assistant Attorney General Tom Miller Perrelli and have been leading the talks with banks since last fall to the extent that financial institutions have been using faulty documents to exclude some borrowers home.
Federal investigators and the offices of state attorneys general have been looking into filing false affidavits in foreclosure and the practice of employees of financial institutions involved in theft of signature, ie, approval documents foreclosures without reading.
Foreclosure-fraud lawsuits pile up against major U.S. banks in class actions, which could be expanded nationwide, claiming damages to residents properties were repossessed by banks to illegally using false documents.
