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Source: Monitor begins work overseeing mortgage pact
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(Reuters) - The man charged with making sure banks comply with a $25 billion 
mortgage settlement has a website, one employee and subleased space in a Raleigh, North Carolina, office tower.
But after a judge's approval of the pact last week, Joe Smith said on Monday he will move quickly to add staff, hire professional firms and make preparations for issuing reports on how banks are meeting new standards for working with borrowers.
Federal officials and attorneys general from 49 states reached the settlement with five lenders in February to resolve foreclosure abuse allegations.
The bulk of the settlement with Bank of America Corp (BAC.N), Wells Fargo & Co (WFC.N), JPMorgan Chase & Co (JPM.N), Citigroup Inc (C.N) and Ally Financial will come in the form of up to $17 billion in loan modifications for distressed borrowers, but the pact also requires lenders to meet new mortgage servicing standards going forward.
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