HUD: Robo-signing settlement to accelerate principal reductions

HUD: Robo-signing settlement to accelerate principal reductions

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Waters has long maintained that the servicing industry is ""broken,"" a view that has become the popular opinion in light of the robo-signing scandal last fall. and secondary liens and requires.

AG Gets $2.5M Robo-Signing Settlement Las Vegas new-home sales report gloomy – “They say in some cases there may be principal reduction of $34,000. How much are people in Las Vegas upside down? About twice that.” The robo-signing settlement is the latest – and potentially the.

The 16-month robo-signing saga ends with a billion settlement. Nearly all 50 states agreed to a deal with Bank of America, JPMorgan Chase, Wells Fargo, Ally Financial and Citigroup.Oklahoma AG Scott Pruitt is the only one not to sign.

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The company recently reached a settlement with the Consumer Protection Financial Bureau, and 49 states providing $125 million to consumers it wrongly foreclosed on. Plus, there’s another $2 billion.

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 servicers will receive credit.

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From the WSJ: U.S., Banks Near ‘Robo-Signing’ Settlement Administration officials and attorneys general are "very close" to a settlement with major banks of the so-called robo-signing issues after about a year of negotiations, [Housing and urban development secretary shaun donovan] said at a conference of U.S. mayors meeting in Washington.

The unprecedented joint agreement is the largest federal-state civil settlement ever obtained and is the result of extensive investigations by federal agencies, including the Department of Justice, HUD and the HUD Office of the Inspector General (HUD-OIG), and state attorneys general and state banking regulators across the country.

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Not every dollar the servicers reduce from the principal will be "credited" from the $17 billion the banks agreed to. For every dollar forgiven, roughly 50 cents or less will be credited under the $17 billion number. Officials said the settlement would ultimately result in an estimated $45 billion in total principal reductions.

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America’s Emptiest Cities. HUD: Robo-signing settlement to accelerate principal reductions HousingWire. 0. "The settlement negotiation is also going to be focused on significantly accelerating the reduction of principal," Department of Housing and Urban Development Secretary Shaun Donovan.

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