The $25 billion settlement between state attorneys general, federal prosecutors and the five largest mortgage servicers was finalized in April.

One of the key issues was to assure mortgage bond investors that the system will be fixed and principal reductions on private-label RMBS will be minimized.

Bank of America (BAC), Wells Fargo (WFC), JPMorgan Chase (JPM), Citigroup (C) and Ally Financial expect homeowner relief to begin in the second quarter with much of it completed by the end of the year.

Performance reviews over the new servicing standards aren't expected to begin for another six months. Hear more from Iowa Attorney Tom Miller who lead the settlement talks in the video below.