HUD: Robo-signing settlement to accelerate principal reductions

Those principal reductions are much deeper than the ones originally announced as part of the robo-signing settlement. general’s foreclosure settlement — as well as a separate settlement in which.

The settlement addresses past mortgage loan servicing and foreclosure abuses. series of national homeowner relief effort options, including principal reduction.. illegal robo-signing and faulty foreclosure processing,” Washington Attorney. Department of Housing and Urban Development (HUD) negotiated on behalf of.

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Sheriff takes on banks over robo-signing In addition, the banks agreed to eliminate robo-signing altogether. and to include principal reductions more often in their mortgage modifications programs. Is my mortgage lender taking part in.

The statement comes after Bank of America (BAC) mailed letters to more than 200,000 mortgage borrowers for potential principal reduction under the robo-signing settlement. The bank began principal.

. including the Department of Justice, HUD and the HUD Office of the Inspector General. These violations include servicers' use of “robo-signed” affidavits in foreclosure. At least $10 billion will go toward reducing the principal on loans for borrowers who, as of the date of the settlement, are either.

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As details of the settlement are worked out, it will allow lenders and servicers to move forward with the foreclosures they delayed during the 16-month robo-signing saga. to seek alternatives–such.

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were in the process of working with a major FHA servicer, Bank of America, gave homeowners loan modifications that reduced the principal of.. requirements for foreclosure cases in an effort to combat the practice of robo- signing. recent settlement will accelerate foreclosure activity, perhaps within the next two.

The biggest settlement since tobacco includes $2000 payments to former homeowners and $17 billion in principal reductions.. of improprieties from ” robosigning” foreclosure documents to failing to negotiate in good. problems uncovered during our investigations,” said hud secretary shaun donovan.

Those principal reductions are much deeper than the ones originally announced as part of the robo-signing settlement. general’s foreclosure settlement — as well as a separate settlement in which.

In addition, the banks agreed to eliminate robo-signing. to include principal reductions more often in their mortgage modifications programs. (Mortgage deal could bring billions in relief) Is my.

Under the settlement, Ocwen agreed to principal reductions on existing mortgages. and the use of false and deceptive documents and affidavits, including “robo-signing.” The settlement also.