New Foreclosure Settlement Puts Hundreds Out Of Work

13077_pink_slip New Foreclosure Settlement Puts Hundreds Out Of Work The newly announced foreclosure settlement between federal regulators and 10 major servicers has put hundreds of people out of work.

Washington, D.C.-based Promontory Financial Group has laid off hundreds of temporary legal and finance professionals who were hired as part of the Independent Foreclosure Review. Because the new $8.5 billion effectively replaces that review, the temporary employees are no longer required.

‘As a result of the termination in independent review, people were let go,’ said company spokesperson Debra Cope in an interview with the Charlotte Business Journal.

Promontory was the independent consultant for three of the mortgage servicers under review – Bank of America, PNC Bank and Wells Fargo. In Charlotte, N.C., where more than 200 temporary workers were employed by Promontory, many employees were told to leave their offices a few hours after the settlement was announced on Monday. It is not certain whether Promontory would provide these workers with severance payments.


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