Tuesday, August 02, 2011

Side Deal With Bank Of America Would Cede Liability In Exchange For Homeowner Relief

Side Deal With Bank Of America Would Cede Liability In Exchange For Homeowner Relief
Federal and state prosecutors are in advanced negotiations with Bank of America in pursuit of a settlement that would forgive the bank for a broad range of past mortgage abuses in exchange for fines that would finance a significantly expanded relief program for struggling homeowners, according to three people with direct knowledge of the matter.
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"Forgive the bank." Isn't that ironic? When do banks forgive us?

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