Foreclosures

Attorney General Coakley Gets it Right on the National Mortgage Settlement

On February 9, 2012, the Federal Government and Attorneys General from 49 States reached an agreement with the five largest mortgage servicers for $25 billion in payments to resolve violations of state and federal law and to implement comprehensive new mortgage loan servicing standards.  The five servicers are Ally Financial, Inc. (formerly GMAC), Bank of America, Citigroup, JP Morgan Chase, and Wells Fargo.

Unsung Heroes: The Success of Nonprofit Counseling Agencies in Combating Foreclosures

This is a true story. Actually, it is two stories about the foreclosure crisis, both true.

We’re familiar with the first story. In Massachusetts and across the country, the foreclosure crisis continues to decimate families, and communities. The response from loan servicers has ranged from marginally improved at best, to anywhere from woefully inadequate to counter-productive at worst. The programs initiated by the federal government have been too little and too late and too reliant on the voluntary participation of lenders.

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