Bill > HR1706

This bill, the Mortgage Settlement Monitoring Act of 2013, establishes an Office of the Independent Monitor to oversee settlements between major mortgage servicing companies and federal regulators like the Board of Governors of the Federal Reserve System (Federal Reserve) and the Office of the Comptroller of the Currency (OCC) concerning unsafe and unsound practices in mortgage loan servicing and foreclosure processing. The Independent Monitor, appointed by the President, will be responsible for ensuring these companies comply with the terms of the settlements, which include providing financial relief to borrowers harmed by past practices. The Monitor will issue quarterly public reports detailing how aid is distributed, the criteria used, and any instances of non-compliance, and will also hold public meetings. The funding for this office will come from the settlement payments, excluding direct payments to borrowers. The Act also outlines procedures for referring non-compliance to the relevant agencies for action and allows the Monitor to take enforcement action if the agencies fail to do so. The Independent Monitor's authority will cease once all terms of the settlement are fully satisfied.