State Regulators, AGs and CFPB Pressing Loan Servicers for Foreclosure Settlement
March 7, 2013
The group of regulators that established the $25 billion national servicing settlement with five servicers is in negotiations to expand the settlement’s requirements and monetary penalties to other servicers. Some servicers involved in the negotiations are willing to comply with the servicing requirements but objecting to paying any penalties. “We continue to have productive discussions with the state regulators, state attorneys general and the [Consumer Financial Protection Bureau] on adopting standards similar to the national mortgage standards adopted by the big banks,” Ronald Faris, president and CEO of Ocwen Financial, said last week during the company’s earnings call for the fourth quarter of 2012. “Ocwen Loan Servicing and other servicers have also been asked...
The creation of a U.S. sovereign wealth fund could grease the skids for an end to the conservatorships of Fannie Mae and Freddie Mac.
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