WSJ | Banks Offer Own Mortgage Servicing Plan

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WSJ | Banks Offer Own Mortgage Servicing Plan

WSJ | Banks Offer Own Mortgage Servicing Plan

Question: Why don’t the AG’s just FORCE-PLACE a settlement and be done with it?

via: The Wall Street Journal

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.

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2 Responses to “WSJ | Banks Offer Own Mortgage Servicing Plan”

  1. Virginia says:

    The bottom-line is that while no one was watching the banks ran amok. They wrote more mortgage loans than they have assets to hold. The AG Settlement should demand that the states take over their respective mortgage loans from 2003-2008, strip them from the banks and reconstruct the mortgages with the homeowners (2% for 30 years). The fraud is massive. The recordation bureaus are a mess.

    If 500,000 mortgages = $80 Billion – what do 67 million MERS mortgages equal?! The only way to save our economy is take the mortgage fiasco off the back of the bank and the borrowers. Example for thought: $900 month X 20,000 mortgages = $18 Million a month revenue. It could be split between the states, counties and the investors if they haven’t been paid by TARP or insurance. Don’t you think our states deserve compensation?

  2. Donna Bishop says:

    Numerous people have tried to get the Banks/Mortgage holders to do loan modifications but it fell on deaf ears with all banks. I don’t think the government should have gotten involved that way. In stead of loaning the banks all that money. Why not take over the loans and reduce the principal the same as if it were a short sale or foreclosure. Or just reduce the interest to make the payments as low as possible for homeowners in distress. I believe that would have helped economy and everyone. Much less stress!

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