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Banks receive foreclosure settlement terms following probe

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A coalition of federal agencies and state attorneys general investigating banks’ foreclosure practices have proposed a “binding legal requirement” for handling home foreclosures, according to Bloomberg News. The proposal came in the form of a 27-page document submitted to mortgage servicers last week, and, along with yet-to-be-determined fines and penalties, is the result of a probe launched in October into reports that banks were using faulty documents to foreclose on homes. New regulations for loan modifications may also result from the settlement. While it’s unclear which companies received proposals from the government officials, Bank of America, JPMorgan and Citigroup were expected to be among them. [Bloomberg]

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