Mitchell Stein, Esq.: Banks Are Expected To Pay Fines for Improper Foreclosures on Homes

Published by admin | Filed under Mortgages, real Estate

This is the start of a wave that has been awaited for a long time: banks involved in creating the overall national mortgage foreclosure crisis are expected to pay for their doings. Recently, the announcement by well known names such as Bank of America, Wells Fargo and Citigroup acknowledged that they expect to pay fines for their improper practice of foreclosures on homes, according to Mitchell J. Stein, Esq. of Mitchell J. Stein & Associates.

“Finally we are going to witness justice being served by bringing the major banks to pay for their actions, no matter what size of settlement or fines they will pay,” said Mitchell J. Stein, Esq., a 25-year award-winning litigator, trial lawyer, and philanthropist dedicated to protecting consumers and victims’ rights in reigning in abusive practices of banks, lenders and others.

More than 50 U.S regulators and state attorneys generals are actively involved in investigating the wrongful bank services and foreclosures against homeowners. The New York Times stated that the largest asset bank Bank of America said it is likely to have material fines and significant legal expenses. In addition, the largest U.S. mortgage lender Wells Fargo stated it is likely to encounter sanctions or fines, and Citigroup announced that it expects to pay fines or announce a plan of capital reductions.

“This is the time for homeowners who feel they have been part of this wrongful foreclosure practice to ensure their rights are protected through expert legal counsel,” said Mitchell J. Stein, Esq.