NEW YORK, Sept. 6 (Source: UPI) — U.S. banks are balking at an offer by state officials to limit their blame for alleged improper mortgage practices in return for a multibillion-dollar payment.Mortgage giants Bank of America Corp., J.P. Morgan Chase & Co., Wells Fargo & Co., Citigroup Inc. and Ally Financial Inc. say the latest attorneys general proposal over so-called robo-signing and other sloppy mortgage practices is a “non-starter” because it does not release the banks from all future liability for past mortgage practices and mortgage-backed securities they sold to investors, people with direct knowledge of the discussions told the Financial Times.

Source: UPI

Published: Sept. 6, 2011 at 4:30 AM

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