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Sheila Bair: To Oversee Bank Compliance with Foreclosure Settlement
December 14, 2011
[ by Melanie Gretchen ]
Don't look now, but Sheila Bair may soon return to Washington, D.C. in a high-profile regulatory role - "Foreclosure Accord Monitor." Negotiations on the accord continue, with selection of a compliance monitor being one of the final issues to be worked out.
Framework of a Deal. State officials and 5 of the largest bank mortgagers are the parties in the agreement. At present, the deal calls for the 5 largest mortgage servicers to fund up to $25 billion and to fund refinancings and writedowns of loan principal balances, among other steps. These banks are: JPMorgan Chase & Co., Wells Fargo & Co., Bank of America, Citigroup, and Ally Financial Inc.
The value of a deal would decrease if California Attorney General Kamala Harris chooses not to participate. We know already that the states of New York and Massachusetts have stepped back and will not participate. Mr. Harris announced in September that she was breaking away from the talks to conduct her own investigation.
Conversely, the agreement would increase if additional servicers enter into the agreement.
Compliance Monitor: Role and Responsibility. Ex-FDIC Chairman Sheila Bair is a leading candidate among state officials to serve in that role - i.e., to ensure that banks comply with any settlement of a nationwide foreclosure probe. Bair, who stepped down from the FDIC at the conclusion of her 5-year term, is supported by some states as a 3rd-party monitor of any accord with mortgage servicers.
Bank of America also would support her, but not Citigroup, which opposes her selection.
Currently, Ms. Bair, 57, is a senior adviser to the Pew Charitable Trusts. She was approached about the job 2 months ago, yet turned it down at the time - in part, because she was writing a book manuscript. Apparently, it's now with the editors.
The position will have authority to access records and audit a servicer’s performance, among other things. Banks failing to meet performance measures and deadlines would be subject to penalties.
For further details, go to [Businessweek, 12/12/11].
Framework of a Deal. State officials and 5 of the largest bank mortgagers are the parties in the agreement. At present, the deal calls for the 5 largest mortgage servicers to fund up to $25 billion and to fund refinancings and writedowns of loan principal balances, among other steps. These banks are: JPMorgan Chase & Co., Wells Fargo & Co., Bank of America, Citigroup, and Ally Financial Inc.
The value of a deal would decrease if California Attorney General Kamala Harris chooses not to participate. We know already that the states of New York and Massachusetts have stepped back and will not participate. Mr. Harris announced in September that she was breaking away from the talks to conduct her own investigation.
Conversely, the agreement would increase if additional servicers enter into the agreement.
Compliance Monitor: Role and Responsibility. Ex-FDIC Chairman Sheila Bair is a leading candidate among state officials to serve in that role - i.e., to ensure that banks comply with any settlement of a nationwide foreclosure probe. Bair, who stepped down from the FDIC at the conclusion of her 5-year term, is supported by some states as a 3rd-party monitor of any accord with mortgage servicers.
Bank of America also would support her, but not Citigroup, which opposes her selection.
Currently, Ms. Bair, 57, is a senior adviser to the Pew Charitable Trusts. She was approached about the job 2 months ago, yet turned it down at the time - in part, because she was writing a book manuscript. Apparently, it's now with the editors.
The position will have authority to access records and audit a servicer’s performance, among other things. Banks failing to meet performance measures and deadlines would be subject to penalties.
For further details, go to [Businessweek, 12/12/11]. Related Stories: Archive
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