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10-2-12: Short Sales Falling Short?
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Thousands of distressed homeowners in Maryland are now getting relief through a $25 billion settlement with five major lenders. The settlement with Wells Fargo, Bank of America, Citi, JPMorgan Chase, and Ally/GMAC came after accusations of robo-signing, the practice of signing thousands of foreclosure documents without checking for accuracy.
The settlement was inked in April. In early August, we got an update from Anne Balcer Norton, deputy commissioner for financial regulation with Maryland’s Department of Labor, Licensing and Regulation. She’s helping monitor the settlement. A few weeks after that, the first report about the settlement came out.
Here to talk about that report and what the settlement is doing for Maryland homeowners is Marceline White. She’s executive director of the Maryland Consumer Rights Coalition, which has been closely watching the settlement.
If you are a distressed mortgage holder in Maryland, and you're looking for help, you can call the MD HOPE hotline at 1-877-462-7555, or go to mdhope.org.
Web extras: Marceline White addresses MCRC's call for the removal of Federal Housing Finance Agency acting director Edward DeMarco, the progress servicers have made in providing borrowers a "single point of contact," and servicers' progress in making the cultural and organizational shifts necessary to provide relief through the settlement.
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