Mortgage settlement not cure-all

‘The settlement deals with only a segment of the market.’

On Feb. 9, Attorney General Peter F. Kilmartin announced Rhode Island’s $172 million share in the landmark federal-state agreement with the nation’s five largest mortgage-service providers over foreclosure abuses and nationwide mortgage-servicing practices. The $25 billion settlement involves alleged abuses practiced by Bank of America Corp., JPMorgan Chase & Co., Wells Fargo & Company, Citigroup Inc. and Ally Financial Inc., formerly known as GMAC. The settlement, which also addresses future mortgage loan-servicing practices, still requires the approval of a federal judge. More
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