While the Center admits that not allrndetails of the settlement are available as yet, but based on currentrninformation, the key reforms include:</p<ul class="unIndentedList"<liThernelimination of robo-signing as banks would agree to individually reviewrnforeclosure documents according to the law.</li<liAdoptionrnof practices that would improve communication with services and end servicerrnabuses including fairer treatment for homeowners who are late on mortgagernpayments.</li<liMorernsustainable loan modifications including a requirement that banks "get serious"rnabout reducing principal balances.</li<liWhilernthe state AGs would be prohibited by the settlement from pursuing furtherrnactions against the banks, the Center said that nothing in the settlement wouldrnprevent homeowners from suing on an individual basis nor would the settlementrnshield the banks from prosecution for criminal activities or from claims basedrnon mortgage securities violations, fair lending suits or claims against thernMortgage Electronic Registration System.</li<liThernsettlement would be enforceable in court by an independent monitor.</li</ul

The Center said that its researchrnindicates that the country is only about half-way through the mortgage crisis,rnbut the proposed settlement would wrap up a year-long investigation intornrobo-signing and other abuses and is “crucial to containing the damagingrneffects of foreclosures on our economy.” rnIt stresses, however, that additional policy actions on multiple frontsrnis a necessary addition to the settlement.

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