As a long-time fan of professional wrestling I've come to see how much of mortgage servicing resembles what goes on in the ring. Like wrestling the servicing business is full of "works," "gimmicks," "heels and baby faces," so let me explain.
The settlement has already far surpassed our initial expectations of total consumer relief and will likely grow to more than $50 billion. And yet, some remain unconvinced that the settlement is really making a difference or that banks are beginning to meet their obligations.
After raising hopes that some defrauded homeowners may finally see justice, the agency's bungled investigation and rushed settlement only managed to twist the knife deeper. Simply put, it's a travesty and still, no one goes to jail.
Democrats must get serious and back legislation that protects all the relief won in the National Mortgage Settlement, not just some of it. Republicans must stop their willful obstructionism, and follow through on their oft-repeated promises to prevent taxes that hurt the economy.
Hell has frozen over! After years of lawsuits and investigations by federal and state law enforcement agencies mortgage servicers are finally being forced to repay some of the billions of dollars they stole from American consumers. Unfortunately, the timing couldn't be worse.
The $25 billion mortgage servicing settlement won't solve all of housing problems overnight. But the story of Katie Diaz and the countless others like her does not suggest that the settlement is failing -- but rather the importance of holding the banks' feet to the fire in the months to come.