CHAIRMAN JOHNSON’S STATEMENT ON MORTGAGE SERVICERS SETTLEMENTS

CHAIRMAN JOHNSON’S STATEMENT ON MORTGAGE SERVICERS SETTLEMENTS

WASHINGTON, D.C. – April 14, 2011 – (RealEstateRama) — Senate Banking Committee Chairman Tim Johnson (D-SD) issued the following statement regarding agreements reached between federal regulators and mortgage servicers addressing improper and fraudulent mortgage servicing practices.

“Today’s announcements are a step towards addressing the improper and fraudulent practices to which many of the country’s largest mortgage servicers have admitted.  These servicers disregarded laws and left American homeowners, including many active duty military personnel, in jeopardy of losing their homes through wrongful foreclosure.  I look forward to carefully reviewing the details of these agreements as part of the Banking Committee’s continued oversight efforts to hold servicers accountable for their failures and protect homeowners from abuse.”

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