1. The Mortgage
‘Robo-signing’ Settlement
David M. Gormley, Esq.
Andrews, Bongar, Starkey & Clagett
SouthernMarylandLaw.com
“Answers to Life’s Legal Questions”

2. • 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

3. • $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

4. • 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

5. • Attorney Geneeral oversight
• Court Administration
Why it matters

6. • $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

7. 301 645 4100 (Local) 410 535 9449 (Calvert)
301 843 1950 (Metro) 301 863 7489 (St. Mary’s)
301 843 2351 (facsimile)
David M. Gormley
Gormley@SouthernMarylandLaw.com
Andrews, Bongar Starkey & Clagett
11705 Berry Road ste 202
Waldorf, MD 20603