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The Villages
Friday, March 29, 2024

Banks must improve efforts to serve distressed borrowers

In February, my office entered a landmark $25 billion joint federal-state agreement with the nation’s five largest mortgage servicers over foreclosure abuses and unacceptable nationwide mortgage servicing practices. On Wednesday, the National Mortgage Settlement Monitor released the second compliance report concerning his review of the five banks’ compliance with the settlement’s servicing standards.

While this second report indicates that two of the five banks successfully complied with all of the Monitor’s testing metrics, it is clear that, overall, the banks must substantially improve their efforts to better serve distressed borrowers and to comply with the terms of the agreement.

My office will continue to work diligently on behalf of Florida’s homeowners to ensure that they promptly receive the relief they are entitled to under the settlement. The banks will be held accountable to the obligations they made under the settlement.

Pam Bondi is attorney general of Florida.

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