Wednesday, February 15, 2012

Mortgage settlement could be filed by next week

The $25 billion settlement between states, federal agencies and the five largest U.S. mortgage servicers could be formally filed in federal court late this week or early next week, according to the N.C. attorney general's office.

While the basic framework of the deal was announced by the U.S. Department of Justice last week, the formal agreement will provide more details -- including what mechanisms the independent monitor will have to enforce it and what specific claims the banks are released from.

The agreement is being filed in the U.S. District Court for the District of Columbia, where its enforcement will be overseen by a federal judge and N.C. banking commissioner Joseph Smith, who is leaving his post to devote himself to the job.

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