Calling the document "unprecedented in its scope and prescriptiveness," the Securities Industry and Financial Markets Association (SIFMA) has criticized the so-called settlement agreement with mortgage servicers issued by the 50 state attorneys general in early March. It also rather pointedly requested a seat at the negotiation table.
Randy Snook, executive vice president, business policies and practices at SIFMA said that, while the group recognized that the term sheet was only a draft, "it requires a careful legal and market impact analysis, particularly for unintended consequences." Snook said that any reform of mortgage servicing standards must reflect the interests of the consumer, the housing market, and the broader economy as we continue to address foreclosure issues.
The settlement agreement which was sent to the five largest loan servicers (Bank of America, Wells Fargo, JPMorgan Chase, Citigroup and Ally Financial), arose after an investigation of mortgage servicing abuses by the attorneys general. The document covers a number of topics relating to servicing and the relationships among servicers and customers, investors, and regulators and sets out specific recommendations for correcting perceived abuses in managing loan modifications, setting fees, handling loan documents, and pursuing foreclosures.
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Source: http://www.mortgagenewsdaily.com/03182011_loan_servicing.asp
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