ABA STATEMENT ON MORTGAGE SETTLEMENT

ABA STATEMENT ON MORTGAGE SETTLEMENT

By Frank Keating, president and CEO, American Bankers Association

WASHINGTON, D.C. – February 10, 2012 – (RealEstateRama) — “Today’s agreement marks an important milestone in resolving mortgage concerns, allowing these five institutions – essential providers of mortgage services across the country – to look to the future with clarity and commitment to customers.”

“ABA is evaluating the full settlement to ensure its enforcement does not further constrain credit availability and that its terms are not applied outside this agreement. This settlement addresses a distinct group of mortgages offered during a specific timeframe. It would be a mistake to regard the settlement as applying to mortgage practices industry wide.”

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The American Bankers Association represents banks of all sizes and charters and is the voice for the nation’s $13 trillion banking industry and its two million employees. The majority of ABA’s members are banks with less than $165 million in assets. Learn more at aba.com.

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ABA Media Contact: Ryan Zagone
(202) 663-5470
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Founded in 1875 and based in Washington, DC, the American Bankers Association (ABA) brings together banks of all sizes and charters into one association. ABA works to enhance the competitiveness of the nation's banking industry and strengthen America's economy and communities. Its members – the majority of which are banks with less than $125 million in assets – represent over 95 percent of the industry's $13.6 trillion in assets and employ over 2 million men and women.

American Bankers Association
1120 Connecticut Avenue, N.W.
Washington, DC 20036

Toll free: 1-800-BANKERS

Media Contact:
Jim Eberle
Phone: (202) 663-5477

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