State Attorney Generals are threatening the nation’s five largest banks with $17 billion in civil lawsuits if they won’t settle with the AGs over sloppy foreclosure practices. The banks are reportedly only offering $5 billion. If $17 billion seems high, you may be right according the Daniel Indiviglo of the Atlantic who estimates potential damages and concludes that most borrowers whose foreclosure contained a document defect would not receive any money from the settlement because their payout would likely be smaller than their foreclosure deficiency.
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