chris. thank you. a foreclosure fiasco. cnbc s mario is here with your money. the nation s biggest banks apparently wrongfully foreclosed on hundreds in the military. it looks like more than 700 military members during the housing crisis were affected by that. and apparently there were seized homes from roughly two dozen other borrowers who were, i believe, current on their mortgage payments, chris. so a really, i would say, shocking report. bank of america, citigroup, jp morgan chase and wells fargo uncovered the foreclosures while they were analyzing mortgages as part of a multibillion dollar settlement deal with federal authorities and it is the first detailed glimpse into the extent of wrongful foreclosures amid the collapse of the housing market. so when i say first claims, i would imagine there could be more information to come. and forget the pun, but there s a battle brewing over
acquire pieces of the bread business as hostess is basically selling off assets now in a bankruptcy court auction which could be as soon as this week. there are reports of other interested parties. those two are supposedly the opening bidders. as for how much they might have to fork over, you ve got the bread business and it s got lots of brands. things like wonder bread, nature s pride, butternut, home pride. according to one person it could all fetch more than $350 mill n million. as for the cake business, that includes the twinkies, that expected to be sold later on this year. we re watching for this week. big develops related to the foreclosure fiasco. we re talking about a multibillion dollar settlement and the negotiations over this have been going on for some time. the sentiment is over claims of foreclosure abuses by 14 banks which would include jpm, chase, b of a and citi. b of a, bank of america, meantime, is going to pay out $10 billion to fannie mae to settle mortgage c
under pressure to pay up for the foreclosure fiasco. they are washington now negotiating a settlement, but people who have lost their homes or about to, say that s not nearly enough. diana oleic covers housing for cnbc, so where do we stand? well, right now, the 50-state attorneys general will be presented with a document this afternoon by iowa s state attorney general, outlining how they d like to see changes in the pross that started with the whole robo signing scandal last fall. now, there is no dollar figure on this potential settlement, but there will obviously be one at some point. there s been talk of a $20 billion fund that banks would have to pay into where they would have to lower mortgage princip principle. plenty of protesters today demanding a strong settlement
natalee holloway, it could be the first concrete evidence of her death. new fall out over the nation s foreclosure fiasco. representatives are meeting with lawmakers and questioning the lenders over the faulty at minimum filing practices. these are the banks that stopped foreclosure process after admitting mistakes. in some cases they used robo-signers without verifying the affects or reading the paperwork. jerry willis anchor of the willis report. is there any indication it is more than political theater it is a lot of political theater. i learned something new today. that is the treasury has not been fining these companies service .
princess bride. prince william s engagement and what his fiancee can now expect from one of the world s most unusual families. hollywood homicide. a publicist to the stars shot in her car. we don t have crimes like this in the city of beverly hills. the challenging investigation. and, foreclosure fiasco. how the big banks mistakes could cost you. it s wednesday, november 17th. from abc news, this is world news now. i feel like whenever we say the word foreclosure it never is attached to anything good these days. never. another fiasco to tell them about this morning too. the news keeps getting a little worse on that front. hopefully they ll correct these mistakes soon enough. we ll see.