AGs weeks from filing foreclosure settlement documents

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AGs weeks from filing foreclosure settlement documents

AGs weeks from filing foreclosure settlement documents

They aren’t ready…they’re still figuring out how to add the finishing touches to screw you!


HW-

The state attorneys general and federal prosecutors will likely file the actual $25 billion foreclosure settlement documents in court by the end of the month, according to a source familiar with the deal.

The top five servicers agreed to general terms in the settlement last week, which would include billions in principal reduction, refinances, and even pay outs to homeowners affected by missteps in the process.

Questions arose recently over whether the finalization of the deal would its change the scope.

Rich Andreano, who co-leads the mortgage banking group at law firm Ballard Spahr, said while it will be difficult for analysts and officials to anticipate precisely how much aid each state will get from the deal until the documents are filed, results should not vary too significantly from the announcement made last week.

“I got the sense last week that they weren’t really ready. They weren’t done. It was one of those things where they were moving so fast that they had to announce it because it was getting leaked out,” Andreano said in an interview.

[HOUSING WIRE]

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