Wednesday, February 23, 2011

Report: $20 Billion Mortgage Servicer Settlement being Discussed

by Bill McBride on 2/23/2011 09:39:00 PM

From Nick Timiraos, Dan Fitzpatrick and Ruth Simon at the WSJ: Mortgage Deal Takes Shape

The Obama administration is trying to push through a settlement over mortgage-servicing breakdowns ... some state attorneys general and federal agencies are pushing for banks to pay more than $20 billion in civil fines or to fund a comparable amount of loan modifications for distressed borrowers ...
This is just preliminary - and is just a broad outline of a possible settlement. This is the first I've heard of a possible number for fines and/or loan modifications.