Office of Mortgage Settlement Oversight – Continued Progress: A Report from the Monitor of the National Mortgage Settlement

Office of Mortgage Settlement Oversight – Continued Progress: A Report from the Monitor of the National Mortgage Settlement

This progress report is my second as Monitor under the national mortgage servicing settlement. Like the report I released in August, this is not required by the settlement; the first required Monitor Report will be submitted to the United States District Court for the District of Columbia in the second quarter of 2013. Rather, this report is intended to inform readers about the steps the banks have taken to implement the settlement and my progress in its oversight. The report includes:

• Information about the relief distributed to consumers under the settlement between March 1, 2012 and September 30, 2012.
• An update on the implementation of the servicing standards, or reforms, set forth in the settlement and the metrics, or tests, I will use to assess compliance.
• A review of the complaints that have been submitted to me from professionals and consumers across the nation.
• An updated timeline for future reports and milestones (see Appendix I).

As was the case with my prior report, 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 $26.11 billion in cumulative consumer relief reported here cannot be used to measure progress toward the $20 billion obligation in the settlement. As also was outlined in my first report, neither I nor the professionals working with me have confirmed these figures. No credit will be awarded to a servicer until I, as Monitor, am satisfied that the servicer has met its obligations.

Since my last report, I have met with consumer housing counselors and other professionals around the country. These meetings have reinforced my strong view that market feedback is critical to the success of the settlement. Information from the marketplace provides an up-to-the-minute understanding of the experiences that distressed borrowers and their representatives are having with the servicers. I continue to welcome reports of servicer performance regarding the implementation of the servicing standards and consumer relief or other observations from the marketplace.

I hope that this report, like the report that preceded it, will inform the public discussion of the settlement and the future of the housing market.


Joseph A. Smith

Full report below…



Office of Mortgage Settlement Oversight – Continued Progress: A Report from the Monitor of the National Mortgage Settlement

4 Responses to “Office of Mortgage Settlement Oversight – Continued Progress: A Report from the Monitor of the National Mortgage Settlement”
  1. papergate says:

    And why we are at it let’s get a list of all lenders, servicers (pretenders whatever) who used LPS from 2008 on – in every state – not just FL – let’s see who the players are for real from this indictment – a list please of every co-conspiring party – lender, servicer – whatever they call themselves these days – we need to create a cross-country thorough inventory of all the player’s names and related states since LPS has obviously been acting overtly in all states. . . and it is only going to come from homeowners because they are the ones with the docs and the names. Let’s begin with i.e., PHH Mortgage Corporation, ERA Mortgage, CoreLogic, for starts . . .

  2. papergate says:

    Yes, and how it is strictly the “five” – what about all the unknown entities that may or may not be veils for the big five – a homeowner may be part of the issue and not know about it due to disclosures or lack thereof of who is really behind their transactions – this needs to be part of the solution – official demands that these financial entities disclose who is behind the transactions – and may be part of this big five deal but because they do not have any way of an entity telling them that their mortgage transaction was really part of BofA or whatever, that is part of this mortgage settlement for example, there needs to be a cross checking on each of the ‘lenders’ because obviously they got the table funds from these big five but how would a homeowner know which one applied to their transaction? I agree this is just smoke and mirrors – as indicated in the charts there are no listings about how much was paid as ‘damages’ to wrongful foreclosures, etc., in this list . . . hmmm?? And what about a list of all the servicers being reported by consumers and attorneys defending – let’s get a list going so we can see what the names of the pretenders are doing with this so-called monitoring program – see if our cases are starting to show up by way of pretender lender names??

  3. Sarah says:

    Does consumer relief mean homelessness? Sure, sometimes. Why won’t Katherine Porter advocate for treating mortgage debt like all other debt? Taboo? She’d get fired? Too many people make money off of the suffering of others ergo we can’t change anything that’s spectacularly unfair? The dishonest Bankster “moral hazard” argument?

  4. bobbi swann says:

    I am truly amazed when I read this crap! Joseph Smith states he puts this report together for the benefit of the consumer via communication. But where is his contact information? His phone number or his email? Fax number? Where is he getting these so-called facts? Surely not from the consumer….OH betcha it’s coming from the lenders, the trustworthy, faithful and forever honest banksters! BTW who is paying this Joseph Smith for this ‘wonderful’ enlightening report? With all the graphs and suppositions and forecasts? More smoke and mirrors. Just another bankster phoney who is making $$$$ off the backs of the middle class who has suffered immensely from the crooked and corrupt politicians with hands raised to line their pockets. And if any one citizen believes in this garbage, well now they have another 4 years of more lies and deceit coming from Washington!

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