“This monumental settlement is a strong step towards assisting the millions of current and former homeowners that were exploited, discriminated against and taken advantage of by major mortgage servicing banks,” said NAACP President and CEO Benjamin Jealous. “The principal reductions, refinancing and other relief will provide desperately needed relief. Moreover, the creation of new mortgage servicing standards, including increased notice and documentation requirements during foreclosure and measures to deter community blight will initiate a new and important relationship between borrowers and lenders and help advance the much needed protection of homeowners in the future.”
Founded in 1909, the NAACP is the nation’s oldest and largest civil rights organization. Its members throughout the United States and the world are the premier advocates for civil rights in their communities, conducting voter mobilization and monitoring equal opportunity in the public and private sectors.