National Mortgage Settlement Agreement

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The agreement settles state and federal investigations finding that the country’s five largest mortgage servicers routinely signed foreclosure related documents outside the presence of a notary public and without really knowing whether the facts they contained were correct. Both of these practices violate the law. The settlement provides benefits to borrowers in the signing states whose loans are owned by the settling banks as well as to many of the borrowers whose loans they service.

* * * Read the Most Current Progress Report from the Office of Mortgage Settlement Oversight – Nov. 19, 2012 * * *

According the current settlements, Nevada will receive the following funds:

  • National Mortgage Settlement . . . . . . . . . . . . . . . . . . . . . . . . . . . . $57.3 Million
  • National Mortgage Settlement to Mortgage Lending Division . . . $1.0 Million
  • Bank of America . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $30.0 Million
  • RBS Financial Services. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $42.0 Million

NationalMortgageSettlement.com This website centralizes information regarding the settlement as it relates to each of the five institutions that are included in the settlement. Below homeowners assistance is provided for each of these institutions.

Department of Housing and Urban Development (HUD) – Settlement Fact Sheet

HUD Public Service Announcement – August 2, 2012

Department of Justice – Court Documents Related to the Settlement

Justice Department Press Release – Names Joseph A. Smith Jr. as the Independent Monitor

Mr. Joseph A.Smith’s Interactive Progress Report

Mortgage Servicing Issues Webinar (October 3, 2012) – Includes Discussion of the Role of the Monitor

Office of Mortgage Settlement Oversight (The Office of Mortgage Settlement Oversight’s role is to ensure that the banks comply with the servicing standards and consumer relief requirements outlined in the national mortgage settlement.)

Office of Mortgage Settlement Oversight “First Take” Progress Report (Downloadable PDF) August 29, 2012

Office of the Controller of the Currency (OCC) Independent Foreclosure Review

National Conference of State Legislature’s Settlement Summary (The National Conference of State Legislatures is a bipartisan organization that serves the legislators and staffs of the nation’s 50 states, its commonwealths and territories. NCSL provides research, technical assistance and opportunities for policymakers to exchange ideas on the most pressing state issues. NCSL is an effective and respected advocate for the interests of state governments before Congress and federal agencies. NCSL is your organization.)

This site displays the dollars allocated by state and the respective use of funds by state. In Nevada $11.7 million is to be used to create a dedicated call center staffed by housing counselors. The attorney general will seek legislative review and funding approval to continue the program when the legislature convenes in 2013.

Nevada Policy Research Institute (NPRI) on Robo Signing in Nevada

Additional NPRI Articles Related to the National Mortgage Settlement

National Association of Attorneys General (NAAG) – Current Attorneys General by State

Nevada Attorney General Website

State of Nevada Foreclosure Mediation Program

Nevada Supreme Court Ruling on MERS in Edelstein v Bank of New York Mellon, September 27, 2012

Conference of State Bank Supervisors (CSBS) – State Banking Department Links

Nevada Hardest Hit Fund Info (With one of the highest foreclosure rates in the nation, Nevada was selected to be one of the first five states’ Housing Finance Agencies to receive funds from the U.S. Treasury’s “Hardest Hit Fund®”. The State of Nevada was awarded over $150 million in funds available to qualified recipients. The U.S. Treasury approved the nonprofit Nevada Affordable Housing Assistance Corporation (NAHAC) to oversee the ‘Fund’ serving as a support arm for the Nevada Housing Division, Nevada’s Housing Finance Agency. Nevada Hardest Hit Fund® provides seven programs to assist Nevada homeowners who are at high risk of default or foreclosure.)

Nevada Assembly Bill 284 Fact Sheet

Arizona Attorney General Resource Center for the Settlement Agreement

6 Comments

6 thoughts on “National Mortgage Settlement Agreement

  1. Thank you!

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  2. Mark E Rowley

    related…..

    Thx. …

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  3. Mark E Rowley

    Hey Forrest….Always great to read your thoughts……How about the Consumer Relief portion being signed off by Judge Collier in March…..Where does that leave us now…..How come we have not heard anything from the Madam General….The settlement forgave just under $2BB in our great state…

    The State Supreme court will hear the HOA case thus week…..What do U think…?….Will they rule with the “spirit” of the law or the “letter”….?

    What is going on with our “Big” brother to the south…Phoenix….?….Last month our resale market was down twice what theirs was…..MoM….What do U see….?

    We are now two fiscal quarters into SB 278 and SB 321…..We had the lowest first quarter of NTS’s filed for the quarter in four years….Source, the Clark County Recorders office…..Also the number of Chapter 7 BK’s fell 17% in the first five months after the passage of the bills…..Thinknits related

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  4. In a nutshell…with b of a $8 Billion…Principal Reduction will occur:
    o you must have been late before 1/1/2011.
    o you must have a loan that is still owned by B of A, thus is will be a Neg Am (4 ways to pay), ARM, Jumbo that they did not sell to fha, fannie, freddie, etc.
    o It can be a second home.
    Thus, the larger loans, will benefit the most.

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    • The most important aspect of this will be to watch the funds flow into Nevada and then watch how they are used. It’s also critical to follow how each bank is performing against the agreement! Then, how will all of this play out in or impact the 2013 Legislative Session. 2013 is shaping up to be an exciting year!

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  5. Pingback: Las Vegas Market Update – December 2012 | Forrest's Blog

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