The investigation by attorneys general in 50 U.S. states into banks’ foreclosure practices is on “a fast track” and any resolution might involve multiple settlements, Iowa Attorney General Tom Miller said.
Iowa Attorney General Tom Miller , leader of a 50-state probe of foreclosure practices, said a settlement is “closer” and that state and federal officials want a monitor to ensure that banks keep their promises.
The five largest loan servicers, including Bank of America Corp. and JPMorgan Chase & Co. , may be the first to settle with the 50 state attorneys general probing foreclosure practices, Iowa Attorney General Tom Miller said.
Banks supervised by the Consumer Financial Protection Bureau now face penalties if they mistreat consumers while collecting debts, the latest move in a broader crackdown on debt-collection practices the agency has pursued since last year.
California and New York, along with Florida, agreed to join more than 40 other states in a nationwide settlement 16 months in the making that seeks to end abusive bank foreclosure practices that followed the collapse of the housing bubble, a person familiar with the matter said.