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Michigan AG questions banks compliance with national mortgage settlement

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On Wednesday, the court-appointed monitor of the $25 billion national mortgage settlement. If the banks flunk the tests, the monitor could drag them into court. Not everyone is waiting. New York.

Michigan Attorney General and other participating state Attorneys General entered into this settlement with Ocwen Financial – currently one of the largest mortgage loan services in the country. Like the National Mortgage Settlement entered in 2012 with the five leading bank mortgage servicers.

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Fifth Third Bank has agreed to pay an $18 million settlement for charging Blacks and Latinos more interest for auto loans.

For more information about the mortgage servicing settlement, go to www.NationalMortgageSettlement.com. To find your state attorney general’s website, go to www.NAAG.org and click on "The Attorneys General." The joint federal-state agreement is part of enforcement efforts by President Barack Obama’s Financial Fraud Enforcement Task Force.

To enforce the National Mortgage Settlement, attorney general created the California Monitor Program in March 2012. The Attorney General appointed Professor Katherine Porter, a professor at UC Irvine School of Law, as the California Monitor to independently oversee and monitor the bank servicers’ compliance with the settlement.

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The banks slowly started to resume foreclosures this winter and spring. The 14 biggest U.S. banks reached a settlement. In Michigan, the attorney general took the rare step in June of filing.

National Mortgage Settlement Scam - Mortgage Fraud continues in the housing market Report: Banks continue to violate terms of national mortgage settlement According to a report issued by the court-appointed monitor of the multi-billion dollar national mortgage settlement, four out of the five large banks involved have failed to comply with at least one of the measured requirements delineated within the settlement.

"This agreement delivers real help to homeowners affected by the banks’ dual tracking and other improper mortgage- and foreclosure-related processes," said Colorado Attorney General Suthers. "As a result of this settlement, the banks will end a series of problematic processes that put homeowners at a severe disadvantage during the.

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