$25 Billion Mortgage Deal Is A “Down Payment”


We support reforms to the financial marketplace that protect consumers from unscrupulous banks and lenders.

By Consumers Union on Thursday, February 9th, 2012

$25 Billion Mortgage Deal Is A “Down Payment” on Helping
Struggling Homeowners and Holding Banks Accountable
 Thorough Investigation of Bank’s Role In Nation’s Financial Collapse Still Needed

The U.S. Department of Justice and Attorneys General from 49 states announced a$25 billion settlement today with five major banks in the country to settle allegations of fraudulent robo-signing of mortgage documents and other abusive practices that contributed to a record number of foreclosures in recent years. According to news reports, some additional banks are considering the deal so the value of the settlement could grow if they decide to sign on.

But is this settlement enough?  Read our press release

Leave a Reply

Your email address will not be published. Required fields are marked *