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 2/9/2012 

Media Release

Conference of State Bank Supervisors
        1129 20th Street, NW, 9th Floor, Washington, DC, 20036

 Statement on Joseph A. Smith, Jr. As the Independent Monitor of the Mortgage Servicing Settlement Agreement  

John W. Ryan
President and CEO
Conference of State Bank Supervisors

I offer my congratulations to Joe Smith for being asked to serve as the monitor for the historic mortgage servicing settlement announced today.   Joe is the right person to ensure implementation of the settlement is fair and realizes its full potential.

Joe’s leadership and knowledge of mortgage finance issues make him the ideal person to lead this effort.  Over the next few years, we will see Joe’s tenacity, independence, pragmatism and thoughtfulness combine to not only enforce the terms of the agreement, but provide a path forward for mortgage finance and servicing.

Joe has served as a wise counselor to me and many of his state colleagues.  We will greatly miss having Joe as part of the state regulatory system, but know that his service in this new role will be to the benefit of the country and consumers.

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Media Contacts: 
Catherine Woody, Senior Director of Communications, cwoody@csbs.org or 202.728.5733
Rockhelle Johnson, Manager of Communications, rjohnson@csbs.org or 202.407.7156

The Conference of State Bank Supervisors (CSBS) is the nationwide organization of banking regulators from all 50 states, the District of Columbia, Guam, Puerto Rico, and the U.S. Virgin Islands. State banking regulators supervise approximately 5,500 state‐chartered financial institutions. Further, the majority of state banking departments also regulates a variety of non-bank financial services providers, including mortgage lenders. For more than a century, CSBS has given state supervisors a national forum to coordinate supervision of their regulated entities and to develop regulatory policy.  CSBS also provides training to state banking and financial regulators and represents its members before Congress and the federal financial regulatory agencies.
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