State AGs propose settlement with mortgage servicers

State AGs propose settlement with mortgage servicers

Limited Release of Claims: The settlement releases state AG (and some bank regulator) claims only for servicing practices, robo-signing, foreclosure processing and origination practices. It also releases federal civil claims based on servicing of mortgage loans, originating mortgage loans, and servicing of loans of borrowers in bankruptcy.

Attorney General of Virginia. National Mortgage Servicing Settlement. IF YOUR PROPERTY WAS FORECLOSED ON BETWEEN JANUARY 1, 2008 AND DECEMBER 31, 2011, AND YOUR LOAN SERVICER IMMEDIATELY PRIOR TO FORCLOSURE WAS: BANK OF AMERICA, CHASE, WELLS FARGO, CITI OR ALLY(GMAC), YOU MAY BE ELIGIBLE FOR A REFUND.

State AGs Offer New Settlement Terms to Mortgage Servicers WASHINGTON – After months of stalemate, the state attorneys general have proposed new terms to the top five mortgage servicers that drop some controversial provisions of their first attempt at a settlement, including a push to force banks to reduce principal on thousands of mortgages.

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WASHINGTON – U.S. Attorney General Eric Holder, Department of Housing and Urban Development (HUD) Secretary Shaun Donovan, Iowa Attorney General Tom Miller and Colorado Attorney General John W. Suthers announced today that the federal government and 49 state attorneys general have reached a landmark $25 billion agreement with the nation’s five largest mortgage servicers to address mortgage loan servicing and foreclosure abuses.

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Big Lenders May Be First to Settle Foreclosure Probe AGs propose robo-signing settlement. mandatory loan modifications and a fund to help reduce the principal on underwater loans are part of the price the nation’s state attorneys general are seeking from mortgage servicers for settling the robo-signing controversy. A proposed 27-page settlement, published in The American Banker,

This settlement makes wrongdoers pay, provides real financial help for homeowners, and requires mortgage servicers to treat homeowners fairly. It’s the result of a years-long effort by state attorneys general to hold the five largest mortgage servicers accountable for their misconduct and mistreatment of homeowners.

 · Ocwen Financial Corporation of Atlanta, Georgia, and its subsidiary, Ocwen Loan Servicing, have agreed to a $2.1 billion dollar joint state-federal settlement with Attorney General Tom Miller, 48 additional states and the District of Columbia,

State attorneys general, who soon will enter settlement talks with the nation’s largest mortgage servicers after revelations of flawed foreclosure paperwork and other shoddy practices, will.

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