Transcript: HUD Inspector General David Montoya’s remarks on the $25 billion mortgage settlement


David Montoya, Inspector General for the Department of Housing and Urban Development, commenting on the $25 billion mult-state mortgage settlement. SOURCE:

Remarks by David Montoya, Inspector General for the Department of Housing and Urban Development, on the $25 billion housing settlement with the nation’s 5 largest mortgage servicers:

“Good morning. I’m pleased to be here with you today to highlight the invaluable and tireless work of my audit investigative and legal staff and their crucial role in enabling today’s announcement on the multi-state settlement over mortgage loan servicing and foreclosure abuse and underwriting practices for mortgages insured by the FHA.

“I also commend the alliance of efforts between my office and the Departments of Housing and Urban Development and Justice as well as the state Attorneys General to bring this matter to closure.

“If not for simple greed and inappropriate behavior that some at the corporate level of our banking industry exhibited, many Americans would still be in their homes.

“I am proud that my office played such a critical part in addressing this harmful conduct.

“This settlement, the largest ever for HUD, involved mortgage servicing and foreclosure abuse benefits both distressed homeowners and the taxpayers of the United States.

“I want to assure all Americans that my office will remain vigilant in defending their interests. We are committed to aggressively pursuing those whose misconduct contributed to the housing crisis and those who flagrantly continued to do so.”


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