PROVIDENCE, R.I. (AP) — A federal judge who appointed a special master to help mediate hundreds of foreclosure disputes in Rhode Island’s courts says he’s “incredibly pleased” with the process so far.
U.S. District Judge John McConnell Jr. says it’s in the best interests of homeowners and mortgage providers to try to negotiate settlements.
Former Bank Rhode Island CEO Merrill Sherman, the special master, delivered a progress report in court Tuesday. She has held 131 settlement conferences and expects to hold more this year. Settlements haven’t yet been reached in most cases.
Hundreds of homeowners in the state have sued, saying their mortgage foreclosure proceedings were fraudulent or flawed.
Several defense attorneys told McConnell they’d like the process to have a time limit after which the cases would be returned to litigation.
