U.S. states probing foreclosure practices revised a nationwide settlement proposal after banks and eight Republican attorneys general objected to mortgage loan principal cuts, two people familiar with the talks said.
The provision of the original 27-page term-sheet submitted by the states and Justice Department would encourage defaults, the banks and eight attorneys general said, with four of them calling the requirement a “moral hazard.” Revisions of the proposal reflect earlier talks with the banks, one of the people said, without disclosing terms of the new accord.
"Foreclosure Probe, Private Capital, Apple, Deutsche Post: Compliance"
http://www.bloomberg.com/news/2011-05-11/foreclosure-probe-private-capital-apple-deutsche-post-compliance.html
The provision of the original 27-page term-sheet submitted by the states and Justice Department would encourage defaults, the banks and eight attorneys general said, with four of them calling the requirement a “moral hazard.” Revisions of the proposal reflect earlier talks with the banks, one of the people said, without disclosing terms of the new accord.
"Foreclosure Probe, Private Capital, Apple, Deutsche Post: Compliance"
http://www.bloomberg.com/news/2011-05-11/foreclosure-probe-private-capital-apple-deutsche-post-compliance.html
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