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March 12, 2012

Miller, State AGs & Federal Government File Civil Complaint Against Five Mortgage Servicers

Complaint precedes anticipated court orders in $25 billion settlement

(DES MOINES, Iowa) Attorney General Tom Miller, along with attorneys general in 48 other states plus the District of Columbia, joined the United States Department of Justice in alleging misconduct by the nation's five largest mortgage servicers in a civil complaint filed Monday in federal court.

The complaint against the servicers, filed in the U.S. District Court for the District of Columbia, alleged that the servicers' misconduct "resulted in the issuance of improper mortgages, premature and unauthorized foreclosures, violation of service members' and other homeowners' rights and protections, the use of false and deceptive affidavits and other documents, and the waste and abuse of taxpayer funds."

The defendants in the joint federal-state complaint include Bank of America Corporation, JPMorgan Chase & Co., Wells Fargo & Company, Citigroup Inc., and Ally Financial Inc. (formerly GMAC).

The complaint follows a joint investigation and a $25 billion settlement with the five servicers that was announced February 9th at the U.S. Department of Justice in Washington, D.C.  Iowa’s settlement benefits, most of which go directly to consumers, are estimated at nearly $40,000,000.

The states and federal government Monday also submitted a series of proposed federal court orders, called consent judgments, which would formalize the settlements with each servicer.

For more information: (Phone: 515-281-5926 or 1-888-777-4590 outside of the Des Moines metro area) (Phone: 1-877-622-4866)

Participating Mortgage Servicer Consumer Numbers

Bank of America:  1-877-488-7814
Citigroup:   1-866-272-4749
Chase:  1-866-372-6901
Ally/GMAC:   1-800-766-4622
Wells Fargo: 1-800-288-3212

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