Wednesday, February 15, 2012

Five Largest Mortgage Servicers Agree to $25B Payout

After more than a year of negotiations, five of the nation's largest mortgage providers agreed last week to pay $25 billion after investigations by the Department of Justice, state attorneys-general and state regulators revealed widespread abuse and fraudulent practices that led in part to the meltdown of the housing market.
This is the largest federal-state civil settlement in U.S. history and sets the stage for the Obama Administration, through the federal government, to put in place safeguards to ensure that consumers and homeowners are protected going forward, said U.S. Secretary of Housing and Urban Development Shaun Donovan in a conference call on Thursday, Feb. 9.

Read the rest of the article at Washington Informer

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