State AG Settlement Leaves Servicers Vulnerable, Moodys Says
March 5, 2012
Consumer advocates may be railing against the $25 billion settlement the five largest mortgage servicers struck recently with 49 state attorneys general, but the participating banks are still vulnerable on a number of fronts, according to a top analyst at Moodys Investors Service. On the one hand, The settlement will have little to no financial effect on the banks and will remove some of the uncertainty surrounding mortgage servicing, said Joseph Pucella, vice president and senior