$25 Billion Settlement Gets Court Approval

Posted by Orb Staff on April 09, 2012 No Comments
Categories : Mortgage Servicing

11268_judicial3 $25 Billion Settlement Gets Court Approval It's official: The $25 billion National Mortgage Settlement has been approved by a federal judge.

Reuters reports that Judge Rosemary Collyer in the U.S. District Court for the District of Columbia formally approved the consent judgments between a coalition of federal and state agencies and the nation's five leading banks on Wednesday, April 5, but the approval was not formally announced until the next day.

April 5 also saw the launch of the newly formed Office of Mortgage Settlement Oversight (OSMO), which will monitor the settlement. The Triangle Business Journal reports that former North Carolina Banking Commissioner Joseph Smith, who was appointed to head OMSO, will run the agency from a new office located in downtown Raleigh, N.C.

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