MORTGAGE LOAN COMPLIANCE®

Oregon Attorney General John Kroger announced in a prepared statement that “The Oregon Department of Justice is deeply committed to protecting consumers. In assessing any potential consumer protection settlement I compare the benefits of the settlement with potential benefits that might accrue in the future if we chose to litigate rather than settle. I have made that assessment in this case, and I am confident that signing this agreement is in the best interest of Oregon consumers."

No agreement is finalized yet and must be submitted to a federal judge for approval. Homeowners should always weigh the benefit of any settlement to their situation. If you believe you are a victim of predatory lending, wrongful foreclosure, or mortgage scams, get a Forensic Audit and seek Legal Counsel to protect your rights.

Oregon will now join in the so-called “50 State” Attorneys General settlement with five major lending institutions that operate most of the large servicing organizations. The settlement arose out Robo-Signing investigations of alleged improprieties the servicers' management of delinquent loans and foreclosures.

Oregon AG Kroger highlighted:

• Approx. $100 to $200 million in relief to distressed Oregon homeowners including "underwater" borrowers and homeowners facing foreclosure.
• Approx. $30 million to the State of Oregon.
• As well as tougher new servicing standards that will protect homeowners from unscrupulous and unfair servicing practices.

AG Kroger says that Oregon will be able to pursue both multi-state and independent investigations of illegal securitization and other practices. "Simply put," he said, "I am not confident we could get a better agreement on this limited set of issues if we litigated for several more years."

Some State Attorney Generals have withdrawn from settlement talks as the benefit was not going to be helpful enough to the residents of their states. California AG Kamala Harris has planned her own litigation to redress the homeowners of her state.

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