The settlement deal was also designed to improve lending

After nearly two years of investigation and a lengthy legal battle, a settlement agreement has been reached over the mortgage and unlawful foreclosure practices. Several big banks took center stage of the investigation, along with countless smaller banks, and all were ordered to pay restitution to the victims of such practices. Now just a few short weeks after the settlement agreement was announced, there is much controversy surrounding the deal and its likelihood of changing the industry. The Purpose Having been forced out of their homes through fraudulent actions of robo-signing and stubborn loan modification approvals, many homeowners who could have saved their homes ended up on the street. As investigations into lending practices continued, it became apparent that banks needed to be held accountable for their actions. In order to restore confidence in the lending industry and make amends for unlawful foreclosures, many banks were ordered to pay victimized homeowners restitution payments. The settlement deal was also designed to improve lending practices and encourage more participation in loan modification or other foreclosure alternatives. Having been unregulated in the past, many lenders simply avoided pursuing alternatives and pushed homeowners into foreclosures unnecessarily. The changes to be implemented by the new deal seek to change the way lenders do business and open up more flexible lending practices. The Dirty Details Now that $26 billion is on the line as part of the settlement deal, many mortgage industry experts are disappointed by the proposal and skeptical about its potential for reform. In terms of homeowner restitution, only $5 of the $26 billion is actually earmarked for payments. This means that homeowners will only be eligible to receive $2,000 for their troubles in the foreclosure ordeal. A homeowner receiving $2,000 for losing their home to foreclosure is nothing more than a nice gesture; it certainly won't bring the home back or prevent them from ending up in trouble down the road. The remaining $20-21 billion is set aside for industry reform by way of lender "credits". These credits are essentially financial incentives designed to encourage lenders to participate in more loan modification and principal mortgage write down practices. Experts are concerned that even $20 billion isn't enough to reform the industry to the point of restoring what has been broken for so long. Further, what was meant to be a punishment for banks engaging in unprofessional practices seems more like a slap on the wrist, hardly the message that needs to have been communicated. 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