Iowa Attorney General Tom Miller, leader of a 50-state probe of foreclosure practices, said a settlement is “closer” and that state and federal officials want a monitor to ensure that banks keep their promises.
The state attorneys general began an investigation in October as a response to revelations of faulty foreclosure procedures by mortgage servicers. The states and the U.S.Justice Department have been negotiating an accord with the five largest servicers including Bank of America Corp. (BAC), JPMorgan Chase & Co. (JPM) and Wells Fargo & Co. (WFC)
A settlement with the banks should include a monitor to ensure they comply with the terms of any agreement, Miller said yesterday in a phone interview. A monitor would have“substantial authority” to enforce the terms, he said.
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