ML-Implode News - National Mortgage Settlement Expires In 2015, Banks Battling To Keep Reforms From Becoming Permanent

the legal agreements among the banks, and the states and federal government hold for only three-and-a-half years; the pledge runs out in 2015. Now many of these banks are battling California Attorney General Kamala Harris over her push to make permanent some of the settlement's most important "servicing standard" reforms by writing them into state law.
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One particular sticking point appears to be a measure that would permit borrowers to file a court action to stop a foreclosure if, for example, they had been approved for a loan modification or a short sale. The measures, taken collectively, "would all result in a de facto moratorium on foreclosures," the association wrote.
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Global multi-state deals involving a big swath of a major industry are very rare, so there aren't many historical comparisons. Measured against the national tobacco settlement, however, the time frame seems pretty short. Under that agreement, signed in 1998, the cigarette companies promised to restrict advertising, promotion and marketing of tobacco products in perpetuity.

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National Mortgage Settlement Expires In 2015, Banks Battling To Keep Reforms From Becoming Permanent