SIFMA Knocks Loan Servicer Settlement Terms
ByPosted To: MND NewsWire
Calling the document “unprecedented in its scope and prescriptiveness,” the Securities Industry and Financial Markets Association (SIFMA) has criticized the so-called settlement agreement with mortgage servicers issued by the 50 state attorneys general in early March. It also rather pointedly requested a seat at the negotiation table. Randy Snook, executive vice president, business policies and practices at SIFMA said that, while the group recognized that the term sheet was only a draft, ” it requires a careful legal and market impact analysis, particularly for unintended consequences.” Snook said that any reform of mortgage servicing standards must reflect the interests of the consumer, the housing market, and the broader economy as we continue to address foreclosure issues. The settlement…(read more)