National Mortgage Settlement: The Latest From Capitol Hill
Law360, New York (July 26, 2012, 1:42 PM EDT) -- In June, Rep. Scott Garrett, R-N.J., chairman of the House Financial Services Committee's Capital Markets Subcommittee, held a hearing on "Investor Protection: The Need to Protect Investors from the Government." The hearing's purpose was largely to highlight how, in the opinion of Rep. Garrett and mortgage investors, the National Mortgage Settlement (NMS) favors the loan servicing industry over the interests of distressed homeowners and investors in "private-label" residential mortgage-backed securities (RMBS). Although mortgage investors were fully represented at the hearing by the Association of Mortgage Investors (AMI) and the Association of Institutional Investors (AII), the loan servicing industry was either not asked to testify or not allowed to do so....
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