More Banks Facing Mortgage Foreclosure Lawsuits

By Kyle Chezum Updated on 11/10/2010

11/10/2010

It's a never ending struggle, it seems.  More and more banks are facing lawsuits over improper foreclosure activities, with PNC Financial Services and Ally Financial joining Bank of America, Wells Fargo, J.P. Morgan Chase, and others this week in the ongoing legal battle.

PNC Financial Services disclosed a lawsuit brought by the Federal Home Loan Bank of Chicago over errors and misrepresentation related to mortgage-backed securities.  Ally Financial disclosed a lawsuit brought by hedge fund Cambridge Place Investment Management, a firm that has been trying for some time to recoup funds lost in the subprime crisis.

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