Robo-Signing Scandal Continues

More details continue to leak out on a universal settlement to the robo-signing scandal being drafted by state and federal regulators. Potential terms include a $20 billion dollar modification fund, elimination of the dual track of foreclosure and modification process, hiring more back office staff at servicers, and requirements that all modification denials be referred to an ombudsman for a second look. One term that is sure to receive a lot of push back would expand the powers of the nascent Consumer Financial Protection Bureau over bank servicing. It’s too early to tell whether servicers will settle or fight.

 

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About sikoralaw

Sikora Law has operations in Michigan and Ohio. With a network of attorney relationships in multiple states, we combine the friendly familiarity of a small firm with the institutional knowledge and capabilities generally only found at a large firm. Sikora Law has the resources to deal with your situation with the right lawyer – or the right team of lawyers – and provide reliable, comprehensive, and responsive legal representation . We combine experience, creativity, and technology to efficiently and effectively protect our clients' interests and meet their goals.
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