HUD: Robo-signing settlement to accelerate principal reductions

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.

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The principal reduction program will target homeowners who cannot afford their current payment but could make reasonable payments if the loan amount were reduced. The servicers will receive credits for certain loss mitigation efforts, ranging from dollar-for-dollar credit to five cents on the dollar.

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Robo Signing Mortgage Settlement Foreclosure Fraud HUD: Robo-signing settlement to accelerate principal reductions Ditech Holding Corporation (DHCP) – Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ¨ No þ Indicate by check mark if the registrant is not required to file.

Mortgage Servicer Settlement FAQs 1 March 12, 2012 The Servicer Settlement is the product of sixteen months of intensive negotiations between the five largest banks and an unprecedented coalition of state attorneys general and federal agencies, including the Departments of Justice, Treasury, and HUD, that spanned partisan lines.

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Settlement’s Impact on Foreclosures and Principal Reduction: Fitch The most significant impact of the $25 billion robo-signing settlement has been the clarification of foreclosure standards for servicers, which has led to a higher number of initiated foreclosures, Fitch Ratings said in a note.

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The settlement will provide direct cash payments to Illinois borrowers for past foreclosure abuses, and loan modifications for borrowers in need of assistance. The agreement will also implement mortgage servicing standards to prevent future abuses by HSBC.

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Not every dollar the servicers reduce from the principal will be "credited" from the $17 billion the banks agreed to. For every dollar forgiven, roughly 50 cents or less will be credited under the $17 billion number. Officials said the settlement would ultimately result in an estimated $45 billion in total principal reductions.