Where I went to school anything between a 90% and 100% was an “A.” Yes, there were gradations and curves. Maybe anything between a 90 and 93 was an A-. But I had to fall well below a 90 before my parents severely criticized my academic performance. That’s why I find the headlines surrounding the “Summary of Compliance Report” released on June 19, 2013 by Joseph A. Smith, Jr., the “Monitor” under the National Mortgage Settlement (“NMS”) so surprising. Converting the findings into percentages, one of the five lenders scored a 100 and the others scored between a 93 and 96.

In a press release issued the same day as the Monitor’s report, HUD Secretary Donovan characterized these results as shameful and unacceptable:

- “The Independent Monitor’s report is a landmark moment in our efforts to reform the servicing industry. For too long, banks have been operating behind closed doors. This report provides the public with a new and transparent look into how banks are treating homeowners. The good news is that gains have been made. The practice of robo-signing—where banks sign off on foreclosures with little or no review—has come to an end. We’ve also confirmed that the five banks have stopped charging distressed borrowers a fee just to process a loan modification request.