Wednesday, October 01, 2014

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Update on AG Settlement

NatMortgSette

Lakeside CDC has received an update from HUD concerning the mortgage settlement between the federal government, states attorney generals, and five major mortgage servicers. We quote from the HUD announcement:

"On (March 19, 2012), documents pertaining to the settlement reached with mortgage servicers over foreclosure practices were filed in the United States District Court for the District of Columbia. They include: the financial terms of the settlement, the new servicing standards that mortgage servicers will implement, detailed descriptions of the $20 billion in consumer relief that will flow from the settlement, the authorities granted to an Independent Monitor to oversee the consent judgment's implementation, and related documents. The individual agreements vary in certain details unique to each servicer, but the basic consent judgments that lay out the financial terms for each of the five servicers and supporting exhibits which provide further details are posted online and are included in this link: www.nationalmortgagesettlement.com.

HUD also provided additional documents, including a summary of the amounts of money allocated by state, an FAQ on the agreement, and a document confronting "myths" about the settlement. These documents are available via the website.

For borrowers who are looking for guidance on this and other federal or state initiatives related to the continuing housing crisis, start at your neighborhood HUD-approved housing counseling agency. Counselors will work to answer your questions, help you connect to the right people, and protect your home and your financial security.

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