TN Joins Mortgage Relief Agreement
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The state of Tennessee will share in a settlement announced by the U.S. Justice Department concerning unacceptable nationwide mortgage servicing and foreclosure practices. Tennessee’s share in the $25 billion agreement with five mortgage companies will be and estimated $146 million. State Attorney General Bob Cooper said Thursday the agreement, once approved in court, provides major and tangible relief to distressed homeowners who need help now. State banking commissioner Greg Gonzales said provisions in the agreement protect consumers now are similar to what he called common sense treatment that Tennesseans are likely to receive from smaller community lenders. “This agreement avoids protracted and costly litigation while providing significant, tangible relief to Tennessee’s stressed homeowners. The benefits of settling today, far outweigh benefits that might or might not be obtained for several years in court,” said Bob Cooper, Tennessee’s Attorney General. Participating mortgage servicers will contact borrowers directly regarding loan modifications.
