Five new faces joined the board of directors at the ""Office of Mortgage Settlement Oversight"":https://www.mortgageoversight.com/ on Monday.
[IMAGE]The five include former banking commissioners, politicians, attorneys, and academics, with Mississippi banking commissioner John Allison and former North Carolina Gov. James Holshouser notably joining the board.
[COLUMN_BREAK]Also newly elected: Bonnie Hancock, executive director of the Enterprise Risk Management Initiative at the North Carolina State University Poole College of Management; D. Keith Pigues, dean of the business school at North Carolina Central University; and Donald A. Pape, counsel to Phillips Murrah P.C.
Joseph A. Smith, Jr., head of the nonprofit and monitor of the landmark $25 billion servicer settlement announced earlier this year, lauded the new board members in a statement.
""I am proud that the Office of Mortgage Settlement Oversight will itself be overseen by this illustrious group of Board members,"" he said. ""The OMSO Board combines diverse perspectives of experienced professionals who will continue to provide the counsel and oversight needed to conduct the company's business successfully.""
Although board members, the five will serve only in functional roles for the mortgage settlement office. None will bring any decision-making power to bear on the national settlement.