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Thursday, February 9, 2012

Big states set to make mortgage deal real - Jennifer Liberto

http://money.cnn.com/2012/02/08/news/economy/mortgage_settlement/index.htm?section=money_topstories&utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+rss%2Fmoney_topstories+%28Top+Stories%29

The big question throughout the negotiations was how much money would be available to help homeowners, which depended on how many states agreed to the deal. If all 50 states sign on, the mortgage servicing settlement has the potential to offer as much as $25 billion. California's participation raises the total settlement value by several billion dollars.
Generally, the attorneys general have been concerned that if they signed on to a deal, it would cripple their own investigations into mortgage cases.

The only thing I see it protecting consumers on is by ending "robosigning" or electronic processing of foreclosure documents. By attacking robosigning it doesn't seem to imply that it's corrupt or illegal or that the person hasn't really defaulted on their loan, only that robosigning is efficient and makes foreclosure easier for banks.

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