Rep. Elijah Cummings Introduces Bill to Monitor Servicing Settlement Funds

May 3, 2013
National Mortgage Professional  
mortgage lending news

Rep. Elijah Cummings (D-Md.) has introduced legislation that would create an independent monitor to oversee the distribution of funds paid by 11 mortgage servicers for foreclosure abuses as part of a settlement with federal regulators. The Mortgage Settlement Monitoring Act of 2013 (HR 1706) would authorize the president to appoint an independent monitor to review the compliance of all parties to the settlement and issue quarterly reports to Congress and the public. "Since federal regulators now plan to rely on these same banks to determine payouts and deliver settlement funds to borrowers, we need an independent monitor to bring transparency and accountability to this process," said Cummings. The Center for Responsible Lending, the National Consumer Law Center, the National Fair Housing Alliance, and the National Association of Consumer Advocates are backing the bill.

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