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Michigan Attorney General says banks not following settlement terms

by
Michigan Attorney General Bill Schutte
Michigan Attorney General Bill Schutte

LANSING (WKZO) -- Michigan Attorney General Bill Schuette has sent a letter to the leader of the Office of Mortgage Oversight to notify him of problems with lending institutions.

The National Mortgage Settlement was agreed to by 49 states and five major banks following the foreclosure crisis.  The banks agreed to provide 25-billion dollars in sanctions and relief in the largest consumer protection settlement in U.S. history.

Schuette says he has received complaints of banks failing to respond to borrowers seeking a loan modification and lenders not telling borrowers there were problems with modification applications that were submitted.  Other issues have also been reported to Schuette's office and he says any violation of the settlement will be taken seriously.

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