Mortgage foreclosure settlement reached

By: William E. Lewis Jr. (Diary)  |  January 7th at 05:01 PM  | 

Ten major mortgage servicers including Bank of America, JP Morgan Chase, Citigroup and Wells Fargo entered into a $8.5 billion settlement Monday with federal regulators to settle claims related to mortgage foreclosure abuses. Under the terms of the settlement with the Federal Reserve and the Office of the Comptroller of the Currency (OCC), $3.3 billion will be paid by banks directly to eligible mortgage borrowers.  Over $5.2 billion in other assistance – such as loan | Read More »

A Slap on the Wrist for Mortgage Servicers

By: William E. Lewis Jr. (Diary)  |  April 15th at 01:50 PM  | 

Amid allegations of unsafe and unsound practices in the processing of foreclosures, enforcement action has been taken against bank servicers: Ally Financial, Aurora Bank, Bank of America, Citibank, Citigroup, EverBank, HSBC, JP Morgan Chase, MetLife Bank, OneWest Bank, PNC, Sovereign Bank, SunTrust Bank, U.S. Bank, and Wells Fargo and third-party servicers: Lender Processing Services Inc. (LPS), and MERSCORP also known as Mortgage Electronic Registration Systems Inc. (MERS).

Read More »

Foreclosure fraud: AG releases critical report

By: William E. Lewis Jr. (Diary)  |  April 15th at 08:55 AM  | 

One day after a reported settlement between Bank of America, JP Morgan Chase, Citigroup, Wells Fargo and Ally Financial with attorneys general across the U.S. in the foreclosure epidemic, Florida Attorney General Pam Bondi released a highly critical presentation detailing legal issues surrounding the crisis. The presentation, titled “Unfair, Deceptive and Unconscionable Acts in Foreclosure Cases,” was provided by the attorney general’s economic crimes division | Read More »