State AGs to Announce Probe on Foreclosures - FOX Business

According to a report from FOX Business Network's Charles Gasparino, several dozen state attorney generals will announce a probe of the banking industry's mortgage foreclosure process on Wednesday.

The move will likely target every major bank in the country and will look into whether the firms followed procedures when foreclosing properties where mortgages were defaulted.

After becoming the target of scrutiny from state AGs, banks such as JPMorgan Chase & Co. (NYSE: JPM) and Bank of America Corp. (NYSE: BAC) have announced moratoriums on foreclosures.

Other banks such as Citigroup Inc. (NYSE: C) and Wells Fargo (NYSE: WFC) are likely to face similar probes from state AGs.

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