White House Initiative to Settle Home Foreclosures Creates New Rules for Banks

FBN’s Charlie Gasparino reports “the White House, particularly the Department of Justice” is focused on a new initiative to create guidelines for banks on “how they are going to administer foreclosures” going forward. Gasparino is reporting that the banks “are pretty certain they are going to face dozens, maybe a hundred new rules.” Excerpts from the report are below ; courtesy of Fox Business Network.

On the government initiative to settle the mortgage foreclosure settlement:
“As of right now we know the White House, particularly the Department of Justice, they’re involved in this mortgage foreclosure settlement. The White House, DOJ, is jumpstarting these negotiations. What the FOX Business Network has learned is banks are pretty certain they are going to face dozens, maybe a hundred new rules guiding how they are going to administer foreclosures; new procedures on how to foreclose on a house properly. On top of that, they know they are going to pay some kind of monetary penalty. One thing motivating the Obama Administration to get this moving is the fact that if you don’t start foreclosing on homes soon, the housing crisis is going to keep lingering. The White House is worried about infighting.”