patrick.net

Holy crap, look what I found under the 'Foreclosure Review' section at the bottom of pg. 17:

Sorry it's blurry - nothing I can do about that.

I could be mistaken, but it seems like this applies to past foreclosures, and not just those going forward. But this all seems to hinge on an 'independent' review... will the banks ultimately pay anything?

No mortgage write-downs in the mix, apparently (from bloomberg via tovarichpeter):

Foreclosure Settlement Muddies Outlook for Mortgage Relief
http://patrick.net/?p=658499

The 14 largest U.S. mortgage servicers, including JPMorgan Chase & Co. (JPM) and Wells Fargo & Co. (WFC), agreed to review all foreclosed loans from 2009 and 2010, and pay back losses in cases that were mishandled. They also will improve procedures by hiring staff, upgrading document-tracking systems and assigning a single point of contact for each borrower.

While the attorneys general proposed many similar terms last month, banking regulators didn’t include any requirements for lowering mortgage debt. That may hinder Iowa Attorney General Thomas J. Miller as he leads a group of state officials working with the administration to require lenders to evaluate loan cuts for some borrowers whose homes are worth less than their mortgages.