Sitrick and Company is representing mediator Eric Green as he serves as the independent monitor of $7B of Bank of America's $16.65B Justice Department settlement to aid struggling homeowners.
Green, who mediated the Microsoft-Justice Dept. anti-trust deal in 2001, released an initial report this week, noting BOA has forgiven about $12M in mortgage principal from 100 underwater homeowners, worth a credit of about $9M against BOA's $7B consumer relief tab. He called his initial examination a "test drive."
New York-based Thomas Mulligan and Angela Pruitt of Strick rep Green on the PR front. Green is a principal of Boston mediation firm Resolutions LLC.
BOA has until Aug. 31, 2018 to provide the $7B in relief via loan modifications, new loans to low and moderate-income borrowers, and donations to community reinvestment efforts, among other avenues.
Said Green: "The bank is extending relief to tens of thousands of homeowners, and in coming months we should get a clearer picture of how quickly the bank has delivered on its consumer relief obligations, how much of what kind of relief has been delivered, and where relief has been distributed."
No comments have been submitted for this story yet.