10-2-12: Short Sales Falling Short?

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MCRC-1002.mp3

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.

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Why MCRC wants to see FHFA chief DeMarco go

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moving toward a "single point of contact" for borrowers

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