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The Economics of the Proposed Mortgage Servicer Settlement « Calomiris, Charles « Authors « Downloads
|Date posted||April 12, 2011|
|Categories||Calomiris, Charles, Mason, Joseph R., Higgins, Eric, Working paper, Financial regulation|
On March 4, 2011, the New York Times described a settlement (“settlement”) proposed by a consortium of state attorneys general (AGs) to large mortgage servicers. The claims to be settled reportedly relate to failures to follow existing procedural rules relating to the foreclosure process. The settlement would make dramatic changes in those rules, and reportedly require a mortgage loan principal reduction program of $20 to 25 billion. The purpose of this study is to review how such a settlement would affect the housing market and the larger economy.