Settlement Monitor Selects Primary Firm to Oversee Compliance

The monitor responsible for reviewing $25 billion in settlement funds announced Monday that his office has selected ""BDO USA, LLP"":http://www.bdo.com/, to serve as the primary professional firm needed to oversee the nation's servicers.

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The firm will play a critical role in the oversight process as ""Joseph A. Smith, Jr.,"":https://www.mortgageoversight.com/about-the-office-of-mortgage-settlement-oversight/ the former North Carolina banking commissioner selected by 49 state attorneys general to head up the settlement, begins the footwork necessary to fulfill terms and conditions under the landmark deal.

""As I entered the process of engaging the primary professional firm, I knew it would be critical to find the right balance of independence and capacity,"" he said in a statement.

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Smith said that he selected the firm after a ""thorough review"" of more than 20 others, even while he continues to seek additional services from other, secondary professional firms.

""This blend of experts will provide me the benefit of various perspectives and proficiencies while ensuring we have the boots on the ground necessary to do our work,"" he said.

""We at BDO are honored and gratified to have been selected by the Monitor for this important work,"" said Carl W. Pergola, partner-in-charge of consulting services for BDO. ""BDO will work closely with the Monitor and the secondary professional firms to facilitate compliance with the agreement.""

In February, federal officials and attorneys general from 49 states sealed a landmark $25 billion settlement with Ally Financial, Bank of America, Citigroup, JPMorgan Chase, and Wells Fargo.

Once a court cleared the settlement, officials appointed Smith to monitor it, providing for the establishment of an Office of Mortgage Settlement Oversight.

Consent judgments obligate the monitor to select a primary professional firm that will work alongside office staff members, consultants, forensic accountants, attorneys, and secondary firms to review and approve terms and conditions under the settlement.

In a ""past interview"":http://www.dsnews.com/articles/behind-25b-settlement-joe-smith-2012-04-24 with _DS News_, our sister publication, Smith likened the primary professional firm to his ""eyes and ears and arms and legs"" as the settlement moved forward.