REPORT | First Take – Progress Report from the Monitor of the National Mortgage Settlement

First Take – Progress Report from the Monitor of the National Mortgage Settlement

I am pleased to present my first report as Monitor under the national mortgage servicing settlement. This report is not required by the settlement; the first required reports will be submitted to the Federal District Court for the District of Columbia in the second quarter of 2013. Rather, this report is intended to inform the public about the nature of the settlement, the steps that have been taken to implement it and the results to date. To those ends, the report includes:

• A summary of the material terms of the consent judgments and related agreements that comprise the settlement.
• A review of actions taken to date to implement the settlement, including my retention of professional firms and the development of the work plans under which compliance activities will be conducted.
• Information about the relief that has been extended to consumers under the settlement from March 1, 2012 through June 30, 2012.
• An update on the implementation of the servicing standards set forth in the settlement.

A timeline of future reports under the settlement is attached to this report as Appendix I.

The consumer relief activities discussed in this report represent gross dollars that have not been subject to calculation under the crediting formulas in the settlement agreement. Therefore, the $10.56 billion in consumer relief reported here cannot be used to evaluate progress toward the $20 billion obligation in the settlement.

Furthermore, neither I nor the professionals working with me have audited or confirmed these figures.
In this report, I will use the personal pronoun to refer to actions taken or to be taken by me, in my capacity as Monitor, and by the professionals and firms working on my behalf. Use of the personal pronoun is intended to make the report more readable and to affirm my personal responsibility for its content. I would be remiss if I did not say at the outset of this report that the progress that has been made under the settlement could not have been achieved without the tireless and excellent work of a group of professionals who have been with me from the beginning and the firm chosen to be the primary professional firm.

It is my sincere hope that this report will inform the public and policymakers in a clear and accessible way about the settlement as they discuss the future of the home mortgage finance system.

Full report below…



First Take – Progress Report from the Monitor of the National Mortgage Settlement

4 Responses to “REPORT | First Take – Progress Report from the Monitor of the National Mortgage Settlement”
  1. Bobbi Swann says:


  2. Sue Em says:

    This is all BS.
    Robo-signing is still rampant as everyone can see in public court records.
    The omso complaint from is a total joke where you can check a box.
    Banks tell you they don’t own your loan, Freddie and Fannie do so they don’t have to consider you in the settlement.

    10 billion in short sells is their only big SUCCESS?????

  3. Jacob Valenzuela says:

    I have a mortgage with CitiMortgage my house is currently worth 70,000 I owe them 130,000 I called them about the principal mortgage settlement and they sent me loan modification papers. They do not want to help me in a principal settlement. Any advice?

    • Sue Em says:

      Start with a Qualified Written Request to your SERVICER (not the owner – it is the servicer that has to reply to your questions or you can sue them for statutory damages). Ask your servicer (the one who collects your monthly payments) who owns your loan. Google Qualified Written Request. Don’t harass them with overly broad demands, but let them know you would like to know the true owner of your loan is.Ask for a true blue ink copy of the original mortgage with endorsements and give them a reason why you need this information (to negotiate a modification with the OWNER, not the servicer…so you need to know who the owner is). Ask what trust your mortgage is with. Have you been in default/ late for three months at any time? Check your local clerk of court records — check if there has been an assignment of mortgage. This is really important cause it means your loan has been transferred in order to start foreclosure. This is where the banks are starting to lie to you. They only want to “own” your loan in order to foreclose. If they don’t foreclose, they deny owing your loan so they don’t have to be responsible to include you in the settlement. Are you a veteran? That would help. Either way – I think a qualified written request is always a good start to know where your are at and who really owns your loan. That gives you power to negotiate. Good luck to you!

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