Draft Alternative Uniform Servicing Standards | Banks Offer Own Mortgage-Servicing Plan

Banks Offer Own Mortgage-Servicing Plan

Five of the nation’s largest banks sent government officials a proposal Monday that outlines a set of mortgage-servicing standards they would abide by as part of a settlement of abuses in the industry.

The document, reviewed by The Wall Street Journal, is a response to a 27-page term sheet banks received earlier this month from state attorneys general that would require the servicers to consider reducing principal for troubled borrowers. The 15-page bank proposal, dubbed the Draft Alternative Uniform Servicing Standards, includes time lines for processing modifications, a third-party review of foreclosures and a single point of contact for financially troubled borrowers. It also outlines a so-called “borrower portal” that would allow customers to check the status of their loan modifications online.

But the document doesn’t include any discussion of principal reductions. Nor does it include a potential amount banks could pay for borrower relief or penalties. Government officials have discussed a settlement sum of more than $20 billion.

Check out the rest here…

Now get on the phones and call your Attorney General and demand they do not accept this “offer.”



8 Responses to “Draft Alternative Uniform Servicing Standards | Banks Offer Own Mortgage-Servicing Plan”
  1. Gregory says:

    Ya we are going to accept the the resolution from someone who caused this whole mess!!!!!!!!!!!!!!!!!!!!!!!

  2. John says:

    Most of America thinks you are being foreclosed on because you bought more house than you can pay for.
    Read their blogs and see how they want you to get over it and buy a cheaper house.
    What I don’t see is what they would do if they lost their jobs because of this depression we are in.
    I would be afraid to help the banks and support them knowing if this depression continues I will be in the same shape eventually.
    Who will come to your aid later against the banks if you don’t come to others aid now?

  3. John R says:

    Made the call… I want prosecutions! I wanna see the perp walk. No, I demand to see the perp walk! As for just what the servicers are sending us (the people) saying what they will or won’t do… SCREW THAT! You either do it “by the Law” or you leave! If it can’t be done within the confines of existing Law, then close the doors cause you’re through. But please leave you names and addresses… the angry mob will be by later.

    If the situation was reversed, would they have it any other way? I think NOT!

    As we walk through the valley of the MegaMonsterBanks we will fear no evil cause we’re the MOB! We built those buildings… we can tear em down. Keep the faith!

  4. 1ofthemany says:

    In my state you get a recording saying” This is your Attorneys Generals Consumer line, this is Call you Attorney Generals office day, we are getting a high volume of calls, if you would like to leave a message please do at the beep” don’t quote me verbatim but it is close.
    I have to say that is how you are treated in by an Attorney General that touted during election times he would do all he can to bring justice to borrowers, this was his main theme for election, once again we get no service, no justice not even your voice heard by another person.That election theme was simply political marketing psychobabble 101. Silly me what was I thinking??? Politics as usual.. We need to go higher and higher. Push harder and harder, they are cracking at the seams. I can almost see the light. I will try later today just to see if anything has changed. Interesting

  5. Fury says:

    it sounds like rearranging deck chairs on the Titanic.

    millions of homeowners have be DEFRAUDED— the most villainous
    rip off in history!

    we want full Restitution!

  6. l vent says:

    My attorney gave me this advice, FUGGETABOUT A LOAN MODIFICATION! They are just another SET UP TO FAIL tactic by the EVIL CABAL and even with a LOAN WRITEDOWN their will be a ballon somewhere down the line that will cause another catastrophe later. He said the debt is UNSUSTAINABLE and we are better off fighting the BANKSTERS in our FRAUDCLOSURES with all of the fraud they used to try and destroy us. We can use that to destroy them. I believe the attorney.

  7. Carol says:

    Made the call and voiced my concerns! Got the impression I was being listened to with “half an ear”…they “have my concerns noted in the system” Everyone needs to light up their phone lines today!!!!!

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