EXECUTIVE SUMMARY OF MULTISTATE/ FEDERAL SETTLEMENT OF FORECLOSURE MISCONDUCT CLAIMS

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EXECUTIVE SUMMARY OF MULTISTATE/ FEDERAL SETTLEMENT OF FORECLOSURE MISCONDUCT CLAIMS

EXECUTIVE SUMMARY OF MULTISTATE/ FEDERAL SETTLEMENT OF FORECLOSURE MISCONDUCT CLAIMS

VII. Release of Claims

The proposed Release contains a broad release of the banks’ conduct related to mortgage loan
servicing, foreclosure preparation, and mortgage loan origination services. Claims based on
these areas of past conduct by the banks cannot be brought by state attorneys general or banking
regulators.

The Release applies only to the named bank parties. It does not extend to third parties who may
have provided default or foreclosure services for the banks. Notably, claims against MERSCORP, Inc.
or Mortgage Electronic Registration Systems, Inc. (MERS) are not released.
Securitization claims, including claims of state and local pension funds, and including investor
claims related to the formation, marketing or offering of securities, are fully preserved. Other
claims that are not released include violations of state fair lending laws, criminal law enforcement,
claims of state agencies having independent regulatory jurisdiction, claims of county recorders for
fees, and actions to quiet title to foreclosed properties. Of course, the Release does not affect the
rights of any individuals or entities to pursue their own claims for relief.

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