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2/10/12 Group Watch: Alabama Joins Mortgage Serving Settlement

Alabama Attorney General Luther Strange announced on Thursday that the state is formally joining a $25 billion national joint federal-state agreement with the nation’s largest mortgage servicers relating to foreclosure abuses and fraud, as well as unacceptable nationwide mortgage serving practices. The Office of the attorney General said the proposed agreement provides an estimated $106 million in direct relief to Alabama homeowners. According to the Attorney General, the settlement addresses future mortgage loan servicing practices. Strange said that the agreement provides much-needed relief to Alabama borrowers and puts a stop to many of the bad behaviors that contributed to the mortgage mess in our state and across the country. Under the settlement, immunity from criminal prosecution is not granted, and it will permit homeowners to pursue individual class action civil cases against the servicers.

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