Letter | Michigan AG questions banks compliance with national mortgage settlement
HW-
Michigan Attorney General Bill Schuette sent a letter to Joseph Smith, head of the Office of Mortgage Settlement Oversight, identifying areas where banks are still falling short of meeting terms of the National Mortgage Settlement.
The $25 billion settlement required the nation's largest mortgage servicers to pay for foreclosure relief efforts, compensate borrowers and follow a series of servicing guidelines that banned certain practices, including dual-tracking.