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-Department of Housing and Urban Development says banks did not cooperate with investigations.

Global Banking News-March 14, 2012--Department of Housing and Urban Development says banks did not cooperate with investigations(C)2012 ENPublishing - http://www.enpublishing.co.uk

Global Banking News - 14 March 2012

According to the US Department of Housing and Urban Development, commercial banks did not cooperate with early investigations into whether they were pursuing foreclosures illegally.

Reuters, citing the department, said that major banks in the US impeded a federal inquiry into their foreclosure processes, were slow to turn over documents and even blocked investigators from interviewing bank employees.

Following the inquiry, a USD25bn mortgage settlement was finalised with the five largest mortgage providers in the country.

However, banks have denied the allegations and said that they had cooperated fully with the investigations.

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Publication:Global Banking News (GBN)
Date:Mar 14, 2012
Words:144
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