Changing the Foreclosure Litigation Landscape with the 49 State AG Mortgage Servicing Settlement 2012

Millions of homeowners have lost their homes and been subjected to unlawful conduct by mortgage servicing companies in the context of both judicial and non-judicial foreclosure proceedings around the country.  All state attorneys general, except the Oklahoma Attorney General, recently announced that they agreed to a 26 billion dollar settlement with the five largest mortgage servicers. The settlement is intended to help millions of homeowners modify their loans, provide compensation to homeowners who lost their homes as a result of the unlawful conduct of servicers in the foreclosure process, and change the way in which these five major loan servicing companies service mortgage loans that are both current and in default. The final settlement will be a long, complex agreement that advocates for homeowners, lenders and government agencies will need to understand in order to represent their clients effectively both in and out of court. This briefing will give you the tools to digest the relevant portions of the settlement and to deploy that knowledge to effectively represent your clients.
The panels  discusses the impact of the 49 State Attorney Generals settlement with some the countries’ largest servicers:

• An overview of the important terms of the settlement including what claims state AG offices have lost and what claims they have preserved by entering into the settlement (i.e., claims of private litigants that survive the settlement and can still be asserted against the five banks that signed on to the settlement)
• The benefits to homeowners including enhanced loss mitigation requirements, principal reduction (and how it works) and payments to individuals improperly foreclosed upon
• Determining a homeowner’s eligibility for benefits under the settlement
• How homeowners can access those benefits
• An overview of the new modifications standards
• How to use the 49 State AG settlement in all areas of foreclosure advocacy, including against banks not parties to the settlement.

Title:
Changing the Foreclosure Litigation Landscape with the 49 State AG Mortgage Servicing Settlement 2012
When/Where:
Audio Only On-Demand Web
Taken from the briefing "Changing the Foreclosure Litigation Landscape with the 49 State AG Mortgage Servicing Settlement", recorded April, 2012.
Speakers:

• Adam H. Cohen and Elizabeth M. Lynch, foreclosure prevention attorneys at MFY Legal Services, Inc. 
• Jane M. Azia, Bureau Chief, Consumer Frauds & Protection Bureau of the Office of the New York Attorney General

Credit:
1 or more credits in many jurisdictions
By:
Practising Law Institute

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