The Mortgage ‘Robo-signing’ Settlement

David M. Gormley, Esq.Andrews, Bongar, Starkey & Clagett

SouthernMarylandLaw.com“Answers to Life’s Legal Questions”

• 49 States and the District of Columbia

• Five leading mortgage lender• Ally Bank (formerly GMAC): 800-766-4622• Bank of America: 877-488-7814• Citi: 866-272-4749• J.P. Morgan Chase: 866-372-6901• Wells Fargo: 800-288- 3212

The parties

• $25 Billion

• Maryland� $1 Billion

• $24 Million for Foreclosed Homeowners• $64 Million for Loan Rifiancing• $59 Million for Housing Initiatives• $800 Million for Homeowner Relief Programs

The Settlement

• Settlement Announced February 2012� Over the next 30 to 60 days logistics of the settlement � Over the next six to nine months identify eligible

borrowers. � This settlement will be executed over the next three

years.

The Time Line

• Attorney Geneeral oversight

• Court Administration

Why it matters

• $25 Billion Sollution - $770 Billion problem

• $2,000 for a forclosed house?

• 3 years

• Nothing has worked yet

What’s Changed

Why It Doesn’t

301 645 4100 (Local) 410 535 9449 (Calvert)301 843 1950 (Metro) 301 863 7489 (St. Mary’s) 301 843 2351 (facsimile)

David M. GormleyGormley@SouthernMarylandLaw.com

Andrews, Bongar Starkey & Clagett11705 Berry Road ste 202

Waldorf, MD 20603