Foreclosure settlement to come in a ‘matter of weeks,’ HUD secretary says

A settlement between a coalition of federal and state agencies and banks over foreclosure practices will come in a “matter of weeks,” Shaun Donovan, secretary of Housing and Urban Development, told the Los Angeles Times. Donovan’s agency is involved in the negotiations with the banks, along with attorneys general from all 50 states and officials from the Justice Department and other federal agencies. The attorneys general and the federal regulators began investigating the practices of the big mortgage servicers after it was revealed last year that they commonly foreclosed on homeowners using faulty paperwork.