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News Now

Washington
Inside Washington (10/04/2011)
* WASHINGTON (10/5/11)--The apparent end of mortgage malfeasance settlement talks between several state attorneys general (AG) and banks could benefit banks in the end, American Banker reported on Tuesday. The state attorneys were proposing a settlement of over $20 billion, but bankers balked, saying this was well above their liabilities. Many state representatives gradually backed away from this deal, and as their numbers decreased, so too did banks’ willingness to settle with the state AGs. Some have said that the end of state-based negotiations could lead to a glut of individual lawsuits, or action by the Consumer Financial Protection Bureau. A settlement reached with federal officials may amount to less of a hit on the banks bottom line …


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