AG Announcement of Agreement with Mortgage Servicers

U.S Attorney General Eric Holder stands with Department of Housing and Urban Development Secretary Shaun Donovan, Iowa Attorney General Tom Miller and other attending attorneys general to announce the $25 billion dollar settlement reached with Bank of Ame  

Attorney General Holder speaks to the continuing and collaborative government efforts to aid homeowners affected by the "housing market crash"€ and "economic crisis."€ "This agreement reflects our commitment-at both the federal and state levels-to ensure justice, and to recover losses, for victims of reckless and abusive mortgage practices. …Although every American can be encouraged by today's settlement and the progress it achieves, I realize more work must be done."

U.S Attorney General Eric Holder outlines the current and future goals of the settlement. "I also want to note that, with this settlement, we aren't just holding mortgage servicers accountable for wrongs they committed. We are using this opportunity to fix a broken system, and to lay the groundwork for a better future."

Housing and Urban Development Secretary Shaun Donovan speaks about the settlements intention to improve bank accountability. "Banks must follow the laws. Any bank that hasn't done so should be held accountable and should take prompt action to correct its mistakes"

Attorney General Holder explains the importance collaborative governmental effort in enforcing laws. "By focusing on collaboration-and by bringing our government's full enforcement resources to bear- we can improve our ability to identify and prosecute misconduct in our financial markets, recover losses, prevent fraud, and hold those who violate the law accountable."