Banks, Meet the New Foreclosure Monitor – Developments – WSJ

This Article introduces the new foreclosure settlement monitor, Joseph A. Smith, and discusses some of his responsibilities and powers, including potential fines for the banks that fail to comply with the settlement. The banks will be subject to quarterly review and will face fines for violations of the agreement from $1 million to $5 million depending on if it is a repeat violation. The banks need Mr. Smith to ultimately certify that they have complied with the terms of the agreement.

http://blogs.wsj.com/developments/2012/03/12/banks-meet-the-new-foreclosure-monitor/?mod=google_news_blog

One thought on “Banks, Meet the New Foreclosure Monitor – Developments – WSJ

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s