Foreclosure Deal Shouldn’t Waive All Claims, Official Says
Banks shouldn’t be protected from liability for mortgage securitization as part of a national foreclosure settlement, said Minnesota’s attorney general, joining other states voicing concern over the issue.
Any settlement shouldn’t release the banks from liability for the bundling of mortgages into securities or for the use of a mortgage registry known as MERS, Attorney General Lori Swanson said in a Sept. 9 letter obtained by Bloomberg News.
“The banks should not be released from liability for conduct that has not been investigated and is not appropriately remedied in any settlement,” Swanson wrote to her counterparts in New York and Iowa.
Full letter below…