Abigail Field-
Q: When is a deal not a deal?
A: When the deal documents punt on contentious issues, merely agreeing to agree later.
Sadly, that’s what this “deal” does. This “deal” is a hybrid contract and term sheet, with all the crucial, operational aspects of compliance unresolved. A smallish to-be-dealt-with-later item is the timing for implementing the servicing standards. The biggie is the Work Plans; those have not been negotiated at all.
Yes, part of compliance has been finalized; the metrics, and the basic enforcement structure. But it’s not enough to have metrics; you also need processes for gathering the metric data and computing the results. Similarly you need more than a structure for enforcement; you need how-to details. The not-yet-existing Work Plan will cover all that. Worse, the negotiations will happen while the clock is ticking on the deal.
Servicing Standards Take Effect On a Date TBD
When the deal is approved…
© 2010-19 FORECLOSURE FRAUD | by DinSFLA. All rights reserved.
It’s important for everyone to understand that the AG Global Banking Settlement was never about holding the bad actors accountable and providing relief to homeowners.
The purpose of the Settlement was to satisfy public relations issues.
The MBS was not real, the mortgages are not real, the property records are not real and the AG Settlement is not real.