FOLEY - you have hit the nail squarely on the head. All these announced investigations and charges (like the now tired 50 state AG inquiry headed by Tom Miller) usually end up with .....The SETTLEMENT
You know - admit no wrongdoing and put some small $$ money in some state fund and then move on. Here in OHIO ....we don't even want to give them a slap on the wrist.... We just want some sweet talk and a promise that the offending party....will do better! and maybe even...... monitor themselves!!!!
Look at the joke of a settlement that the OHIO AG office extracted from Carrington.
“Ohio consumers benefit from mortgage servicers that work proactively to avoid foreclosures,” said David Goodman, director of the Ohio Department of Commerce. “This settlement will allow Ohio homeowners to benefit from higher standards of customer service and responsiveness.” (you have to admit...that is some tough language!!)
Goodman added, “The benefits of this agreement multiply. Working with homeowners to modify loans instead of foreclosure is a value to the neighborhood and beyond. Empty, unattended homes are not good for a community.”
Carrington also agreed to provide loan modifications or other relief to 60 Ohio homeowners (WOW!) who obtained their loans from a non-Carrington Mortgage Services lender, the servicing rights for which Carrington Mortgage Services acquired in 2007.
The Voluntary Compliance agreement ended the litigation that the Ohio Attorney General’s Office and the Ohio Department of Commerce filed against Carrington Mortgage Services in Franklin County nearly two years ago. Carrington Mortgage Services admits to no wrongdoing or liability as part of the AVC.
The really sad - press release here.... http://www.dsnews.com/articles/carrington-settlement-with-ohio-ag-to-benefit-distressed-homeowners-2011-05-26