STATEMENT: CAP’s David Min on the Announcement of a $26 Billion Mortgage Servicing Settlement

Washington D.C. – Today, David Min, Associate Director for Financial Markets Policy at the Center for American Progress, issued the following statement regarding the announcement of a settlement between a consortium of state attorneys general and the nation’s largest mortgage servicers over alleged misconduct in the processing of foreclosures:

Today’s $26 billion mortgage servicing settlement announcement brings the hope of long-awaited relief to American homeowners who have borne the brunt of the housing crisis. The agreement provides meaningful financial assistance to struggling homeowners, ensures that banks are not allowed off the hook for other lending and servicing violations, and holds accountable those responsible for protracting the effects of our recent housing crisis.

To speak with CAP experts on the issue, please contact Katie Peters at or 202.741.6285.