Foreclosure Accord May Offer Writedown Choice, Olens Says
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States may get to choose individually in a possible nationwide foreclosure settlement with U.S. banks how to use any money, including whether apply funds toward principal reductions for borrowers, Georgia Attorney General Sam Olens said.
Including those choices may broaden support for any accord among the attorneys general who oppose requiring banks to fund principal writedowns, Olens said in an interview. He estimated that as many as 20 of his colleagues are opponents.