Attorney General John Kroger proposes expansion of nationwide mortgage settlement standards

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Attorney General John Kroger proposes expansion of nationwide mortgage settlement standards

Attorney General John Kroger proposes expansion of nationwide mortgage settlement standards

Another state AG who wants foreclosure-settlement servicing standards for all companies doing business in his state


Oregon Live-

Attorney General John Kroger has proposed extending rules from a nationwide mortgage settlement with five major banks to all mortgage servicers who do business in Oregon.

The settlement between five of the largest mortgage banks — Bank of America, JPMorgan Chase, Wells Fargo, Citibank and Ally Financial — and 49 state attorneys general came in the wake of the “robo-signing” scandal, in which banks’ representatives signed foreclosure documents without checking their accuracy.

The $25 billion settlement introduced a number of new mortgage servicing standards for those banks, including tightened documentation standards and new protections to borrowers facing foreclosure.

[OREGON LIVE]

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