The federal regulatory monitor of the $25 billion robo-signing settlement with the nation’s five mega-servicers has recruited five directors to help manage the Office of Mortgage Settlement Oversight.
The five board members include John Allison, former banking commissioner for Mississippi; Bonnie Hancock, executive director of the Enterprise Risk Management Initiative at North Carolina State University Poole College of Management; James Holshouser, a Pinehurst lawyer and a former North Carolina governor; Donald Pape, counsel to the law firm of Phillips Murrah; and Keith Pigues, dean of the School of Business at North Carolina Central University.
In February, the mega-servicers — JPMorgan Chase, Bank of America, Citigroup, Ally Financial and Wells Fargo — signed an agreement with 49 state attorneys general to spend $25 billion on modifying and refinancing loans. Principal reductions are expected to be a key tool in the loan restructurings.
Later this week, Joseph Smith, chief monitor of the servicer settlement, is expected to issue his first report on the progress the five servicers are making in implementing the AG settlement.
Smith is a former North Carolina state banking commissioner.