Transcript: North Carolina AG Roy Cooper’s remarks on the $25 billion mortgage settlement


North Carolina Attorney General Roy Cooper speaking to reporters about the $25 billion multi-state mortgage settlement. SOURCE:

Remarks by North Carolina Attorney General Roy Cooper on the $25 billion housing settlement with the nation’s 5 largest mortgage servicers:

“State Attorneys General are on the front-lines and we heard thousands of complaints from homeowners. So here we are today with our state and federal partners.

“Strong, court-ordered enforcement with teeth distinguishes this deal from earlier efforts to help homeowners through this foreclosure crisis.

“This is a strong agreement backed by a court-order and financial penalties and supervised by an independent monitor. The monitor will make sure the banks follow the rules.

“Former North Carolina Commissioner of Banks Joe Smith will serve as monitor. He and his team will look over the banks’ shoulders to make sure that they meet targets for homeowners.

“I know Joe. He will be tough. He will be thorough. And he will be fair.

“If prohibitive foreclosure fees are charged or if homeowners get the runaround for a modification, if homes are foreclosed if other options expired, the monitor and the courts can step in to make it right. Banks will be forced to follow a clear set of rules that will give a better chance to homeowners in trouble. This helps our communities and our economy.

“As immediate past president of the National Association of Attorneys General, I look at this state and federal partnership as a model for the future. We will continue work together to level the financial playing field for consumers.”


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