Tag: national mortgage settlement

  • The Mortgage Settlement’s Big Day

    Posted by

    Katie Porter

    Today, October 2, is the last day for the nation's five largest mortgage companies to implement the servicing reforms in the National Mortgage Settlement. As California Monitor, I issued my first report to highlight one of the most important changes–restricting dual tracking. Dual tracking is the name given to the race between foreclosure and loan modifications. Because banks control both processes, beyond some specified waiting periods by state law, many families lose the race to get a decision on whether they can save their home with a loan modification. Restrictions on dual tracking are key to avoiding preventable foreclosures and creating fundamental fairness in the foreclosure process.

    The report gives some data on dual tracking to bring visibility to this
    issue. After the jump, I report some bad news and good news on how the
    Settlement implementation reforms are going. 

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  • Katie Porter Named Independent Monitor for California’s Part of National Mortgage Settlement

    Posted by

    Jean Braucher

    California Attorney General Kamala Harris has appointed Credit Slip's own Katie Porter as independent monitor for California's part of the national mortgage settlement. The five financial institutions involved in the settlement have committed to provide California homeowners with up to $18 billion in benefits in the settlement. Katie will be monitoring on behalf of the California AG to ensure that they comply. For details, see http://oag.ca.gov/news/press_release?id=2646 and http://www.latimes.com/business/money/fi-mo-banks-settlement-20120315,0,5768422.story. Congrats to General Harris on a wise choice!

    Now for the local news: Although Katie won’t be commenting here on the national settlement or California’s part of it as a Credit Slips blogger, she will still be able to comment on other issues involving consumer credit and consumer bankruptcy, as time permits. She will also continue to be a law professor at the University of California-Irvine. We also wouldn't be surprised if she builds some empirical research into the monitoring process, given her commitment to data-driven legal enforcement and policy-making.

  • National Mortgage Settlement Details Posted on the Web

    Posted by

    Jean Braucher

    So maybe there is a settlement after all. Details have been posted on the National Mortgage Settlement web page today. http://www.nationalmortgagesettlement.com/ I won't try to summarize all this here immediately, but stay tuned for analysis of the good, the bad and the ugly. News outlets are reporting that settlement documents were also filed in federal court in Washington, D.C., today. The documents filed include a complaint and five consent judgments with hundreds of pages of detail on the settlement but much less on the underlying offenses. The settlement with state and federal regulators was announced February 8, and details have been eagerly awaited since then.