FOR IMMEDIATE RELEASE
February 9, 2012
ABA Media Contact: Ryan Zagone
(202) 663-5470
E-mail: rzagone@aba.com
Follow us on Twitter: @ABABankingNews

ABA STATEMENT ON MORTGAGE SETTLEMENT

By Frank Keating, president and CEO, American Bankers Association

          “Today’s agreement marks an important milestone in resolving mortgage concerns, allowing these five institutions – essential providers of mortgage services across the country – to look to the future with clarity and commitment to customers.”

          “ABA is evaluating the full settlement to ensure its enforcement does not further constrain credit availability and that its terms are not applied outside this agreement. This settlement addresses a distinct group of mortgages offered during a specific timeframe. It would be a mistake to regard the settlement as applying to mortgage practices industry wide.”

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The American Bankers Association represents banks of all sizes and charters and is the voice for the nation’s $13 trillion banking industry and its two million employees. The majority of ABA’s members are banks with less than $165 million in assets. Learn more at aba.com.