'Robo' Foreclosure Settlement Includes Extensive Compliance Mandate, Leaves Door Open To Legal Action, Financial Liability

The historic, $25 billion “robo-signing” settlement requires mortgage servicers to implement “unprecedented” changes to protect consumers and to halt the widespread pattern of improper notarizations and document signings that sparked the foreclosure crisis. The settlement, announced on February 9, also leaves open the possibility of further civil penalties, lawsuits and criminal prosecutions.

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