June 21, 2013

Protecting Responsible Homeowners by Holding Mortgage Lenders Accountable

On June 19th, Joseph A. Smith, the Monitor of the National Mortgage Settlement, released a report which stated that the nation’s largest mortgage servicers have failed eight of the servicing standards listed in the National Mortgage Settlement. The Monitor’s testing through the end of last year resulted in three testing fails, and there have been […]

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May 21, 2013

National Mortgage Settlement Provides Relief for more than 620,000 Homeowners, Including Vinel Cooper in Pennsylvania

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The nation’s largest mortgage servicers have distributed $50.63 billion in direct relief to over 620,000 homeowners, or roughly $81,000 per homeowner as part of the National Mortgage Settlement, according to a progress update released today by independent settlement monitor Joseph A. Smith of the Office of Mortgage Settlement Oversight. Over one year ago, the Department […]

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February 22, 2012

HAMP’s Role in the Settlement

An article in last Friday’s Financial Times raises questions about the historic mortgage settlement between the five largest mortgage servicers in the United States, 49 state attorneys general, and the federal government. The article, entitled “US taxpayers to subsidise $40 bn housing settlement,” argues that there is a taxpayer subsidy because modifications performed under the […]

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February 9, 2012

A Historic Agreement to Right Wrongs

American families are all too familiar with the story: just when they thought they had achieved the dream of owning their own home, abuses in the financial and mortgage sector came back to haunt them and sent them spiralling into foreclosure – often through no fault of their own. Countless other families are still struggling […]

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