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Volume 29 - Number 50

January 10, 2013

Federal Regulators Settle Robosigning Foreclosure Issues with 10 Bank Servicers for $8.5 Billion

Acknowledging problems with independent foreclosure reviews established in 2011, federal regulators this week agreed to a settlement with 10 bank servicers for $8.5 billion in borrower relief. The settlement applies to a portion of the 14 servicers under related consent orders from the Federal Reserve and the Office of the Comptroller of the Currency. “The OCC and the Federal Reserve accepted this agreement because it provides the greatest benefit to consumers subject to unsafe and unsound mortgage servicing and foreclosure practices during the relevant period in a more timely manner than would have occurred under the review process,” the regulators said. The agreement in principle includes...

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Poll

A lot has been written about the ‘Millennial Generation’ being key to the future of the housing/mortgage market, but how much of your mortgage workforce includes Millennials – those born roughly between the years 1980 to 1999?

Less than 10 percent

15%

11 to 30 percent

33%

Greater than 30 percent

18%

It’s so small we can’t even measure it.

3%

We’re tired of reading about how important Millennials are…

30%

Housing Pulse