We have analyzed the American Banker release of the 27-page servicing settlement under active – not to mention acrimonious – discussion between servicers (and a couple of regulators) on one side and the FDIC, CFPB, and state AGs on the other. The GSE impact is TBD because the document leaves a critical question unclear: who pays for principal reductions and other loan-mod costs.
The full report is available to subscription clients. To find out how you can sign up for the service, click here.