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Financial Services Law Insights and Observations

National Mortgage Settlement Monitor Issues Progress Report

Mortgage Servicing

Lending

On August 29, National Mortgage Settlement Monitor Joseph Smith, Jr. issued a progress report “intended to inform the public about the nature of the settlement, the steps that have been taken to implement it and the results to date.” The report, which was not required by the settlement, summarizes the terms of the several consent judgments that make up the national settlement, reviews the Monitor’s progress in implementing the administrative aspects of the settlement, describes relief extended to borrowers as of June 30, 2012, and updates the status of servicing standards implementation. For example, the Monitor states that as of July 5, 2012, all five servicers subject to the agreement had incorporated at least fifty-six servicing standards into their business processes, while four of the five banks reported that they had implemented more than half of all of the standards.