The NMS was announced with great fanfare. Billed by the Justice Department as “the largest consumer financial protection settlement in United States history,” five of the country’s largest lenders reached a deal with 49 states and the federal government to compensate borrowers to the tune of $26 billion for “mortgage servicing, foreclosure, and bankruptcy abuses.” They included the widespread practice of “robo-signing” — the practice of falsifying documents when a bank couldn’t prove that it actually owned the loan on a property. Two million homeowners were promised relief.
Posted on: Sat, 04 Oct 2014 11:04:01 +0000
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