For more information, contact: Eric Skrum, Wisconsin Bankers Association, 608/441-1216, eskrum@wisbank.com
Statement from Rose Oswald Poels, president & CEO of the Wisconsin Bankers Association, on the recent multistate mortgage settlement agreement:
“This is an important agreement that will provide a measure of relief to some Wisconsin homeowners and communities. It creates a framework for these five servicers and their customers to work toward the common goal of stabilizing the nation’s housing market.
This settlement addresses a specific group of mortgages offered during a defined timeframe and does not reflect the practices of the vast majority of banks. Banks in Wisconsin go to great lengths to avoid foreclosure actions and are already adhering to strict standards to prevent improper foreclosures.
Every day, Wisconsin banks help people achieve the American Dream of homeownership and work diligently to exhaust every possible option to avoid foreclosure. WBA supports the use of the discretionary portion of the settlement dollars going toward foreclosure mitigation and neighborhood stabilization efforts. We look forward to more details on how those settlement funds will be distributed to achieve the aforementioned efforts.”
