Attorney General Eric Holder Delivers Remarks at the Mortgage Servicers Settlement Press Conference – Washington, D.C. ~ Thursday, February 9, 2012
“Good morning. Im pleased to join with Secretary Shaun Donovan; Attorney General for the State of Iowa, Tom Miller; Associate Attorney General, Tom Perrelli; HUD Inspector General, David Montoya; and Attorney General for the State of Colorado, John Suthers to announce our latest step forward in righting the wrongs that led to our nations housing-market collapse and economic crisis. Today, the Departments of Justice and Housing and Urban Development along with 49 state attorneys general and other federal agencies have reached a landmark $25 billion agreement with the nations five largest mortgage servicers: Bank of America, JPMorgan Chase & Co., Wells Fargo & Company, Citibank, and Ally Financial, which was formerly GMAC. This agreement reflects our commitment at both the federal and state levels to ensure justice, and to recover losses, for victims of reckless and abusive mortgage practices. In addition to addressing many of the most egregious mortgage loan servicing abuses that our investigations have uncovered, this agreement establishes significant new homeowner protections to help prevent future misconduct. It also provides substantial financial assistance to victim borrowers. In fact, it is the largest joint federal-state civil settlement in history.”
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