The talks aim to settle allegations that the companies – Bank of America, JPMorgan Chase, Wells Fargo, Citigroup and Ally Financial – illegally seized the homes of delinquent borrowers and broke state laws by employing so-called “robosigners”, workers who signed off on foreclosure documents en masse without reviewing the paperwork.
State prosecutors have proposed effectively releasing the companies from legal liability for allegedly wrongful securitisation practices, according to five people with direct knowledge of the discussions.
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