HUD Secretary Shaun Donovan Issues Statement on Foreclosure Processing Settlement Talks

Wednesday, April 13, 2011

Washington, DC - As the nation's banking regulators issued enforcement orders against several large servicers related to their foreclosure practices today, senior officials from several federal agencies and state attorneys generals' offices are meeting with representatives from top servicers to continue settlement negotiations related to the foreclosure processing matter.

HUD Secretary Shaun Donovan issued the following statement regarding the ongoing negotiations and the enforcement actions taken today by the regulators:

"The bottom line is that banks must follow the laws. Any bank that hasn't done so should be held accountable and should take prompt action to correct its mistakes. The Obama Administration and the state attorneys general are committed to ensuring the banks are held accountable in a way that helps to strengthen the housing market and helps American families stay in their homes. The steps taken today by the banking regulators support our broader coordinated efforts to hold banks accountable and we look forward to resolving this matter soon with a unified federal and state settlement."


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