The AMI Laments the AG Foreclosure Settlement: Will Likely Harm Average Americans, Unions, and Seniors
The Association of Mortgage Investors (AMI) represents the managers of mutual funds and long-term investors for state and local pension and retirement funds for a range of public institutions, including unions, teachers, and first-responders. AMI members are fiduciaries for their clients. In that capacity, it is incumbent upon them to review any and all situations that would impact their clients’ investments, such as the recent filing of the settlement. . . .
AMI has been on-the-record as supporting a settlement of claims against the mortgage servicers, provided that it does not harm average Americans and their 401Ks. This means that any settlement must be appropriately designed to address such alleged wrongdoing while not settling with the money of innocent parties. The retirement security of these innocent parties will likely be impacted by this settlement as it is currently filed. The settlement was negotiated among the state Attorneys General, the federal government, and certain mortgage servicers. On behalf of the public interest, AMI asks that the settlement be amended in the interest of those not a party to the settlement and not responsible for the claimed bad acts.
For the complete release, please click the following: AMI_press_release_3_12_2012