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National Mortgage Settlement




National Mortgage Settlement February 2012

In February, 2012, a bipartisan group of 49 state attorneys general, the U.S. Federal Government and the nation’s five largest mortgage servicers reached an agreement – called the National Mortgage Settlement (NMS) that created new mortgage servicing standards, provided for relief to distressed homeowners and provided funding for state and federal governments. The settlement was part of the aftermath of the 2008.


You can learn more about the settlement and its current status by reading the information contained at the Office of Mortgage Settlement website


The NMS was made formal and binding on April 5, 2012, when the United States District Court of the District of Columbia (Court) entered the consent judgments containing the Settlement terms. 


Documents related to the February 9, 2012 Settlement Agreement announced by the multi-state coalition led by Iowa Attorney General Tom Miller:


Also in April, 2012, Joseph A. Smith, Jr. was appointed the Monitor of the NMS and his role has been, since that time, to oversee the banks’ compliance with the 304 servicing standards, or reforms, laid out in the settlement.  He also oversees and credits the servicers’ distribution of more than $20 billion in relief to homeowner.


You can learn more about the Monitoring process and the status of the monitoring by visiting Mr. Smith’s website: www.jasmithmonitoring.com.


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