BUSINESS

States, Banks In Talks Over Fund For Foreclosure Mess Losses

11/17/2010 11:35 am ET | Updated May 25, 2011

State attorneys general and the country's biggest lenders are negotiating to create a nationwide fund to compensate borrowers who can prove they lost their home in an improper foreclosure, state and industry officials said.

The fund would present a solution for both sides, helping banks avoid lengthy and costly court challenges from homeowners and aiding state investigators in their efforts to seek relief for homeowners who were wronged, the officials said.

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