HUD: Robo-signing settlement to accelerate principal reductions

The settlement requires HSBC to substantially change how it services mortgage loans, handles foreclosures, and ensures the accuracy of information provided in federal bankruptcy court. The terms will prevent past foreclosure abuses, such as robo-signing, improper documentation and lost paperwork.

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Federal and state officials announced thursday morning that the federal government and 49 state attorneys general – with Oklahoma as the lone exception – have reached a $25 billion agreement with.

Broadly, the settlement is calling for mortgage loan servicers to shell out $5 billion worth of fines plus commit to paying $17 billion minimum in relief to homeowners, including principal loan reductions. An additional $3 billion has been earmarked to assist upside down borrowers in refinancing.

[ad#inman-news] By Inman News: The government’s $25 billion settlement with the nation’s five biggest mortgage servicers over so-called "robo-signing" practices could boost short sales, as loan.

Broadly, the settlement calls for mortgage servicers to pay $5 billion in fines and commit to a minimum of $17 billion in homeowner relief, including principal reductions.

Under the settlement, Ocwen agreed to principal reductions on existing mortgages. and the use of false and deceptive documents and affidavits, including “robo-signing.” The settlement also.

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counsel to the general counsel of HUD, and has been a leading expert and contributor to the development of the National Mortgage Settlement as well as the implications going forward. He’s still very much engaged in that discussion. And we thought it would be.

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The Agreement includes $25 billion for 49 states and mandated forms of consumer relief, such as mortgage modifications for at-risk homeowners, which could include lower-interest rates, forbearance.

Federal and state officials today will finally announce that they’ve reached a settlement with the nation’s biggest banks over the banks’ various foreclosure fraud abuses, such as “robo-signing..

As was long suspected (and covered in this space on Feb 23, 2012 in "A Highly Unjust Mortgage Settlement"), the headline figure of banks paying $25 billion for their robo-signing of foreclosure. $3.

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As details of the settlement are worked out, it will allow lenders and servicers to move forward with the foreclosures they delayed during the 16-month robo-signing saga. to seek alternatives–such.

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