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Exclusive: Mortgage deal would give states enforcement clout

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(Reuters) – A proposed settlement to resolve mortgage abuses by top U.S. banks will give states broad authority to punish firms that mistreat borrowers in the future, according to documents seen by Reuters on Wednesday.

Under the settlement, which states are currently reviewing to decide whether they will join, the states and a separate “monitoring committee” will have the authority to go to court to enforce the terms and seek penalties of up to $5 million per violation.  Read more

Posted by on February 1, 2012. Filed under Economics,United States. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry

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