National Foreclosure Fraud Settlement | Loan Mods and Consumer Relief Terms

Consumer Relief Requirements

Any Servicer as defined in the Servicing Standards set forth in Exhibit A to this Consent Judgment (hereinafter “Servicer” or “Participating Servicer”) agrees that it will not implement any of the Consumer Relief Requirements described herein through policies that are intended to (i) disfavor a specific geography within or among states that are a party to the Consent Judgment or (ii) discriminate against any protected class of borrowers. This provision shall not preclude the implementation of pilot programs in particular geographic areas.

Any discussion of property in these Consumer Relief Requirements, including any discussion in Table 1 or other documents attached hereto, refers to a 1-4 unit single family property (hereinafter, “Property” or collectively, “Properties”).

Any consumer relief guidelines or requirements that are found in Table 1 or other documents attached hereto, are hereby incorporated into these Consumer Relief Requirements and shall be afforded the same deference as if they were written in the text below.

For the avoidance of doubt, subject to the Consumer Relief Requirements described below, Servicer shall receive credit for consumer relief activities with respect to loans insured or guaranteed by the U.S. Department of Housing and Urban Development, U.S. Department of Veterans Affairs, or the U.S. Department of Agriculture in accordance with the terms and conditions herein, provided that nothing herein shall be deemed to in any way relieve Servicer of the obligation to comply with the requirements of the U.S. Department of Housing and Urban Development, U.S. Department of Veterans Affairs, and the U.S. Department of Agriculture with respect to the servicing of such loans.

Servicer shall not, in the ordinary course, require a borrower to waive or release legal claims and defenses as a condition of approval for loss mitigation activities under these Consumer Relief Requirements. However, nothing herein shall preclude Servicer from requiring a waiver or release of legal claims and defenses with respect to a Consumer Relief activity offered in connection with the resolution of a contested claim, when the borrower would not otherwise have received as favorable terms or when the borrower receives additional consideration.

Programmatic exceptions to the crediting available for the Consumer Relief Requirements listed below may be granted by the Monitoring Committee on a case-bycase basis.

To the extent a Servicer is responsible for the servicing of a mortgage loan to which these Consumer Relief Requirements may apply, the Servicer shall receive credit for all consumer relief and refinancing activities undertaken in connection with such (D-2) mortgage loan by any of its subservicers to the same extent as if Servicer had undertaken such activities itself.

Full terms below…

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4closureFraud.org

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Consumer Relief Requirements

Comments
5 Responses to “National Foreclosure Fraud Settlement | Loan Mods and Consumer Relief Terms”
  1. scarednearlystiff says:

    In simple vanilla, on what authority is the “settlement” being based?
    For ill or good, is this a kind of legislation rather than litigation? Help please.

  2. lvent says:

    CNBC reported many months ago that the FEDERAL RESERVE collects trillions of dollars a month in mortgage payments….Bernanke said they use that money to buy treasuries with…It is all fraud..all of the time…and all for the benefit of the 1%…who can only hold onto their fraudulently induced power, if their ponzi scheme with mortgage money and taxpayer money keeps rolling..That is why the fraud is continuing and will not stop until everyone stops participating, complying and conforming.

  3. lvent says:

    This is all being done for the benefit of the billionaire boys club and their evil owners..After all, they have numerous mansions to maintain and yacht payments to make…and lavish trips and many girlfriends to support off of the backs of all of us…!

    • Bobbi Swann says:

      I mean really? Did you read this crap? There is no settlement here…only further enhancement for the banks. You, Mr. Citizen, who was crapped on by the bank, who used fraud to get your mortgage, who used robosigning to pose as foreclosure…..you will get NOTHING…according to this the more delinquent you are the less you get. So….you stay and fight and in the end you get NOTHING. I pray that those to whom this was presented will act accordingly in the light of protecting ALL of the citizens of this country and toss this crap in the garbage. We are being swindled!

      • lvent says:

        Right on Bobbi..its just another episode of the lifestyles of the rich and infamous..its a lifestyle created by fraud and can only be maintained by fraud. As long as enough Americans keep believing their lies and keep participating in their ongoing Ponzi Scheme with our money that we dont even owe that is….!

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