Nearly six months after banks were caught rubber stamping foreclosures and wrongly evicting families from their homes--a scandal since dubbed "robo-gate"--state attorneys general have indicated that an agreement on restitution could be near. But a devil lurking in the details of the settlement agreement with the major mortgage servicers could make a housing recovery much further off than it needs to be.
Earlier this month the state regulators, in association with federal regulators, outlined in pinprick detail how they want the mortgage service industry to be run. From how to handle foreclosure notifications to letting the Consumer Financial Protection Bureau (CFPB) review economic models for determining the value of a home, a 27-page proposed set of standards would have regulators micromanaging the entire servicing industry. Not exactly inspiration for investors to jump back into the housing game.
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