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Attorney Generals’ Settlement Mortgage Servicing Standards and Reporting to the Monitor

Attorney Generals’ Settlement Mortgage Servicing Standards and Reporting to the Monitor. Financial Benefits of the Settlement. Homeowner Relief Programs including principal reduction Payments to Foreclosed Borrowers Refinance opportunities

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Attorney Generals’ Settlement Mortgage Servicing Standards and Reporting to the Monitor

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  1. Attorney Generals’ SettlementMortgage Servicing StandardsandReporting to the Monitor

  2. Financial Benefits of the Settlement • Homeowner Relief Programs including principal reduction • Payments to Foreclosed Borrowers • Refinance opportunities • Maryland Housing Initiatives including Housing Counseling

  3. Additional Benefit of the Settlement • Mortgage Servicing Standards now in full force for participating servicers • Bank of America (and Countrywide) • Wells Fargo (and Wachovia) • JP Morgan Chase (and WaMu) • Citi • Ally/GMAC

  4. What Are These Standards? • First-ever nationwide reforms to mortgage servicing standards requiring • better communication with borrowers, • a single point of contact, • adequate staffing levels and training, and • appropriate standards for executing documents in foreclosure cases.

  5. Who is Monitoring this? • The Office of Mortgage Settlement Oversight, a.k.a. the monitor, reports to the courts and the public • The monitor collects information from advocates and consumers through their website https://www.mortgageoversight.com/

  6. Reports from Maryland to date • Advocates – 18 • Consumers - 180

  7. What are you seeing? Servicing Standards Exercise See section II Enhanced Loss Mitgation… Group 1 - Sections A-D Group 2 - Sections E-G Group 3 - Section H Group 4 - Sections I-L Group 5 - Sections M-O Group 6 - Sections P- R

  8. Action Items

  9. Action Items

  10. How to Report • https://www.mortgageoversight.com/

  11. Make an “Action Plan” • Who • When • What

  12. Thanks

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