Michigan AG Informs National Mortgage Settlement Monitor About Concerns with Banks’ Settlement Compliance

Michigan

Schuette Informs National Mortgage Settlement Monitor About Concerns with Banks’ Settlement Compliance

LANSING -Attorney General Bill Schuette today sent a letter to Joseph A. Smith, Jr. head of the Office of Mortgage Settlement Oversight to alert him to concerns that certain terms of the National Mortgage Settlement are not being met by the banks that signed on.

“As we continue to sort through the aftermath of the mortgage foreclosure crisis, Michigan homeowners can rest assured that we will hold all five banks accountable to the terms of the national morgtage settlement,” said Schuette.

“I take any violations of the requirements of the settlement very seriously, and as a member of the monitoring committee, will work closely with all involved to ensure that the settlement is properly enforced,” noted Schuette in the letter to Smith.

Schuette also acknowledged the concerns of New York Attorney General Eric Schneiderman regarding banks not adhering to the required customer service standards:

“In particular, issues regarding servicers responding to borrowers in a timely manner to requests for modifications, servicers failing to notify borrowers of deficiencies in their applications for modification, giving borrowers time to supplement applications when necessary, timely decision making, and all the other servicing standards imposed by the settlement impact borrowers in a very real and direct way.”

  Under the terms of the National Mortgage Settlement, the court-appointed a monitor, Joseph A. Smith, Jr. monitors and determines if servicers are compliant with terms of the settlement.  Smith works with a monitoring committee comprised of representatives of state attorneys general, including Attorney General Schuette. The Committee meets to address the many issues involved in the implementation and monitoring of the settlement, and holds regular discussions with Smith and his staff. 

Current state members of the Monitoring Committee include: Arizona, California, Colorado, Connecticut, Florida, Illinois, Iowa, Maryland, Michigan, Nevada, North Carolina, Ohio, Oregon, Texas, and Washington.  In addition to representatives from attorneys general, the committee includes State Financial Regulators, the United States Department of Justice, and the United States Department of Housing and Urban Development. 

In February 2012, Schuette, along with 49 other States Attorneys General entered into a landmark settlement with the five leading bank mortgage servicers to address allegations of faulty foreclosure processes and poor servicing of mortgages that harmed homeowners nationwide. The settlement requires the bank mortgage servicers to provide up to $25 billion in monetary sanctions and relief. It is the largest consumer financial protection settlement in U.S. history.

Click here to view a copy of the letter sent to Joseph A. Smith, Jr.

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4closureFraud.org

Comments
6 Responses to “Michigan AG Informs National Mortgage Settlement Monitor About Concerns with Banks’ Settlement Compliance”
  1. TheHutMaster says:

    Indeed, and well stated.

  2. Blumymind says:

    That just makes me want to barf! Sorry lost my home in early 2011 and Trott&Trott was BOA’s attorney’s at the time. Now it all makes sense……….

  3. BOBBI SWANN says:

    Drink some more of the Koolaid! There NEVER was any intention to abide by any such agreement. It was simply a payoff to the AG’s states budgets (most of the monies went to deficit state buidgets) and probably lined more of the AG’s pockets. So much corruption in the state and federal government and so few little ‘honest’ politicians. Wondering? Is this Bill Schuette coming up for re-election?

    • Discouraged Lawyer says:

      The most serious violation has not been addressed by AG Schneiderman or AG Schuette: forged documents are still the basis for ongoing foreclosure proceedings and most of the 4 million homes which were foreclosed were foreclosed using forged documents. In most of the rest of the cases, the foreclosure claimant did not have standing and the forgeries were not created to give the appearance of standing. The servicers are still going forward using the same forged documents to prove standing that were addressed in the National Mortgage Settlement. The LPS settlement this year also required the “correction” of forged documents created by LPS. Document forgery is essential to the business plan and has not stopped. Why are forged documents being allowed to stand uncorrected and the fact that they are still be used being ignored? It is because millions of homes have been confiscated using forged documents and it is not possible for the servicers to afford to pay the RICO and fraud damages arising from those crimes. Complaining about failure to modify/timely response is easier and maintains the fiction that the servicers are entitled to payment. Real estate is unique and should be returned to the homeowners whose homes have been taken with forged documents. Damages are not sufficient to cover the loss of real estate, which is unique. The homes must be returned and any purchaser of a home taken on forged documents should receive the damages payments. This is too hard, so we ignore the past crimes, allow continuing crimes and pretend that we are doing something by allowing current crime victims to pay false claimants so that they can remain in possession of their homes. Nothing like this has happened in the history of US land titles. The comparison arises to the theft of native lands by genocide resulting in fraudulent treaties under which our current land title system was put in place. As a Sioux commented to me in the 1980s: All your titles are clouded. With these forgeries, they are even more clouded. It remains to be seen if a court judgment of foreclosure based on forged documents purporting to establish standing of a servicer or other claimant to foreclose is void. If such a judgment is not void, then the courts of this nation have been used to launder titles for false claimants. At least they are not shooting us to take our lands–yet.

  4. Poof says:

    Sorting through the aftermath ? The aftermath is not even close yet,the Banksters have learned how to hide foreclosed properties a little better that is what is going on. I see this daily from my own front porch ! I live in Michigan,whats
    funny some of Bills campaign money comes from the foreclosure mill Trott & Trott.

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