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Joy Harmon Sperling, chair of Day Pitney's Consumer Finance and Creditors' Rights practice group and partner in its Parsippany office, says that while U.S. banks' $8.5 billion settlement to homeowners affected by questionable foreclosure practices is a good step, "if the money isn't used appropriately, you're just delaying the inevitable. It's a matter of what's done with the money that's important." Sperling discusses the settlement, which cuts short the review process that has been in effect since November 2011, in a January 7 article in The Star-Ledger. Fewer than 500,000 of the 4.4 million homes that could have applied for a review ended up doing so, and Sperling says that, "Following through with the reviews might have cost the banks less than the payout."
