Mortgage investors — a group with the most skin in the game when it comes to the U.S. mortgage market — are cautioning lawmakers about the impact of intervening in a potential servicer settlement.
The Association of Mortgage Investors released a statement about a potential settlement between mortgage servicers and 50 state attorneys general. The deal has reportedly been in the works for months.
The Washington, D.C.-based association’s executive director, Chris Katopis, called the attorneys general “a bipartisan group of elected officials.”
The statement was issued to address news reports about an investigation into alleged misconduct at mortgage servicers.
The AMI said that Congress must give priority to the issue of defective loan put backs — an area that impacts a range of institutions like state entities.
Katopis urged all participants in a potential settlement to carefully consider how the agreement might impact the “soundness of state pension, retirement systems, life insurance and medical savings plans.”
“While the details of the plan’s substance are forthcoming, we all must respect the integrity of the process,” Katopis stated in the release. “We urge Congressional lawmakers to respect the rule of law, the autonomy of the states, and allow this process to continue without intervention, at least until all of the facts are made known to the public.”
