The National Mortgage Settlement is officially over - Monitor's office to shut down by end of 2018

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The National Mortgage Settlement is officially over – Monitor’s office to shut down by end of 2018

The National Mortgage Settlement is officially over – Monitor’s office to shut down by end of 2018

HW-

The National Mortgage Settlement, the massive mortgage servicing settlement between the federal government, 49 states (all excluding Oklahoma), and five of the nation’s biggest banks and mortgage servicers, is now done and complete.

The National Mortgage Settlement is no more. RIP.

The settlement, which was originally announced on Feb. 9, 2012, required Bank of AmericaCitigroupJPMorgan ChaseWells Fargo, and ResCap (Ally Financial) to provide $20 billion in consumer relief and $5 billion in other payments.

The settlement stemmed from allegations that those companies were “robo-signing” mortgage documents, including allegedly signing swaths of foreclosure documents without properly reviewing them, evicting homeowners who were still in the modification process, and other abuses.

[HW]

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