By tomorrow we’ll know what’s really in the nationwide mortgage deal that state Attorney General’s are currently reviewing.
Until then, we only have leaks and today’s leak comes to us from Reuters.
Banks are really going to hate this: A provision of the mortgage crises will create an independent “monitoring committee” that, along with the states, will have the authority to take banks to court any time they ‘mistreat’ a borrower.
Banks can be fined as much as $5 million per abuse. Think about it: That could really add up, especially depending on what the deal ultimately defines as abuse. Is it raising someone’s rates without telling them? Is it beginning the foreclosure process without the proper documentation?
We’ll know more tomorrow. Until then, you can read the full article at Reuters>>>