National mortgage settlement

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dc.contributor.authorAnthony, Jerry
dc.contributor.authorScott, Sally
dc.date.accessioned2021-09-29T14:32:54Z
dc.date.available2021-09-29T14:32:54Z
dc.date.issued2012-10
dc.description.abstractOn February 9 of 2012, a bipartisan group of state attorneys general and federal officials announced a landmark $25 billion national accord with the five largest loan servicers over mortgage foreclosure fraud and unacceptable mortgage servicing practices. The settlement was approved on April 4, 2012. The accord will enable homeowners to stay in their homes through enhanced loan modifications. It also will provide payments to victims of unfair foreclosure practices and provide support for housing counseling and state--‐level foreclosure prevention programs. In addition to the monetary allocations, the settlement will require comprehensive reform of mortgage loan servicing. To ensure that the banks meet the new standards, the settlement will be recorded and enforceable as a court judgment. Compliance will be overseen by an independent monitor who will report to the attorneys general and the court. Specifically, in the state of Iowa, the share of the settlement is $40 million, of which $24 million is allocated to homeowners who lost their homes to foreclosure or are seeking loan modifications or refinancing. The State will receive a direct payment of over $15 million to support housing counseling, foreclosure prevention and other educational efforts. The Office of the Attorney General will oversee the implementation of the settlement in Iowa. This paper summarizes the major elements of the joint state and federal national mortgage servicing settlements involving residential mortgage foreclosures and loan servicing, and describes how it will impact homeowners and government programs in Iowa. It also provides links that offer more in-depth information on different aspects of the settlement.en_US
dc.description.urihttps://iro.uiowa.edu/esploro/outputs/report/National-mortgage-settlement/9983557257602771?institution=01IOWA_INSTen_US
dc.format.extent8 pagesen_US
dc.genretechnical reportsen_US
dc.identifierdoi:10.13016/m2xryb-s1qd
dc.identifier.citationAnthony, Jerry; Scott, Sally; National mortgage settlement; Iowa Research Online, October 2012; https://doi.org/10.17077/8fu5-v95aen_US
dc.identifier.urihttps://doi.org/10.17077/8fu5-v95a
dc.identifier.urihttp://hdl.handle.net/11603/23037
dc.language.isoen_USen_US
dc.publisherIowa Research Onlineen_US
dc.relation.isAvailableAtThe University of Maryland, Baltimore County (UMBC)
dc.relation.ispartofUMBC Community Leadership
dc.relation.ispartofUMBC Faculty Collection
dc.rightsThis item is likely protected under Title 17 of the U.S. Copyright Law. Unless on a Creative Commons license, for uses protected by Copyright Law, contact the copyright holder or the author.en_US
dc.titleNational mortgage settlementen_US
dc.typeTexten_US

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