Law Suits & Courts

State attorneys general expect major changes in their mortgage servicing settlement

Posted on Friday, March 18, 2011

State attorneys general expect major changes in their mortgage servicing settlement, reports Brady Dennis: "State attorneys general, who soon will enter settlement talks with the nation’s largest mortgage servicers after revelations of flawed foreclosure paperwork and other shoddy practices, will accept nothing less than wholesale changes to the way those companies treat troubled homeowners, the group’s leader said Wednesday. 'We're trying to shift the servicing industry from [being] a dysfunctional one to a functional one,' Iowa Attorney General Tom Miller, who’s heading up the 50-state coalition, said in an interview. 'If we can get something that changes the direction of servicing, then that’s what we’ll do. If we don’t, then we’re not going to settle.' Miller said he thinks it’s 'more likely than not' that the attorneys general and officials from nearly a dozen federal agencies will reach an agreement with banks."Ezra Klein WonkBook


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