HARTFORD – Attorney General George Jepsen said proposed consent judgments were filed today against the nation’s five largest mortgage servicers, outlining the terms and conditions they are required to meet as part of the $25 billion mortgage foreclosure settlement announced Feb. 9.

Comprehensive new servicing standards for mortgage loans were among the documents filed in U.S. District Court in Washington, D.C., as part of the settlement agreement with Bank of America Corp., JP Morgan Chase & Co., Wells Fargo & Company, Citigroup Inc. and Ally Financial Inc., formerly GMAC.

“These new standards are fundamental reforms that will provide clear rules for banks and significant protections for consumers,” Attorney General Jepsen said. “Once approved, we can begin monitoring the banks to ensure they are complying with the new rules. If not, they could face substantial penalties.”

The joint federal-state settlement, the largest in history, resolved claims between the banks, the U.S. Department of Justice, the U.S. Department of Housing and Urban Development and attorneys general in 49 states and the District of Columbia over alleged widespread misconduct by the banks in mortgage foreclosure practices.

The complaint, also filed today, said the alleged misconduct “resulted in the issuance of improper mortgages, premature and unauthorized foreclosures, violation of service members’ and other homeowners’ rights and protections, the use of false and deceptive affidavits and other documents, and the waste and abuse of taxpayer funds.”

Acceptance of the consent judgments by the court will give the settlement terms the force of a court order. In Connecticut, that means more than $190 million in direct relief to homeowners and payments to the state, as well as the consumer protections on loan-servicing practices.

“This settlement won’t help everyone experiencing problems with their home mortgages. But it does provide substantial benefits and new standards that will help mortgage borrowers now and in the future,” Jepsen said.

The consent judgments, once approved by the court, also establish a state-federal monitoring committee to oversee the banks’ compliance with the settlement; and the oversight and enforcement authority of the independent settlement monitor, Joseph A. Smith Jr.  Connecticut is among the states serving on the monitoring committee.