3-27-12: Reforming Robosigning
A few months ago, some of the big banks came to a settlement in a lawsuit meant to reform their behaviors when it comes to foreclosure. A team from the Maryland Department of Labor Licensing and Regulation is helping to make sure the big banks stick to their word on that settlement.
We talk with Anne Balcer Norton, Deputy Commissioner of Financial Regulation in the Department of Labor Licensing and Regulation, about the settlement and what it means for homeowners.
Some states are planning to use proceeds from the robosigning settlement for other housing purposes. The Baltimore Sun covered criticism of that approach by HUD secretary Shaun Donovan and interviewed Maryland Attorney General Doug Gansler about how he sees the settlement working in Maryland.