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National Mortgage Settlement

Office of Mortgage Settlement Oversight to Test Banks With New Servicer Standards

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Joseph A. Smith Jr., Monitor of the National Mortgage Settlement, has announced that the Office of Mortgage Settlement Oversight has issued four new metrics, or tests, to measure the banks’ compliance with the Settlement’s servicing standards. He has filed those metrics with the District Court for the District of Columbia.Click to continue

NY Attorney General Targets Wells Fargo for Non-Compliance Over National Mortgage Settlement

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New York State Attorney General Eric T. Schneiderman announced that he is suing Wells Fargo so that a federal judge will compel the bank to honor its commitments under the 2012 National Mortgage Settlement. At a press conference in New York, Attorney General Schneiderman also announced that his office has reached an agreement to suspend a similar enforcement action against Bank of America, which has agreed to implement a robust set of systemic reforms intended to ensure that the servicing standards outlined in the National Mortgage Settlement are honored across New York State.Click to continue

NY AG Schneiderman to Use $20 Million From Servicing Settlement to Rebuild Neighborhods

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New York Attorney General Eric T. Schneiderman has announced that up to $20 million over two years–obtained in last year’s mortgage servicing settlement with the nation’s largest banks–will be made available to communities to rebuild and restore neighborhoods hit hard by the housing crisis. Following the collapse of the housing market, the New York State Legislature passed legislation in 2011 establishing “land banks” that could acquire vacant, abandoned, or foreclosed properties, and choose to rebuild, demolish, or redesign them.Click to continue

Louisiana Residents to Begin Receiving Servicing Settlement Checks

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The Louisiana Attorney General’s Consumer Protection Division is urging borrowers who have submitted foreclosure-related claims to the National Mortgage Settlement Administrator to check their mail closely. That’s because 5,953 individual Louisiana borrowers who submitted a valid foreclosure payment claim through the National Mortgage Settlement should each be receiving a check for approximately $1,480 under the terms of the settlement. The settlement administrator has mailed claim payments to 962,278 eligible borrowers nationwide over the last few weeks.Click to continue

New York AG to Seek Legal Action Against Wells and BofA for Violating Servicing Settlement

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New York Attorney General Eric T. Schneiderman has announced his intention to sue Bank of America and Wells Fargo for repeatedly violating the terms of the National Mortgage Settlement. Signed in 2012, the Settlement required the five largest mortgage servicing banks in the United States to improve their customer service practices by complying with new mortgage servicing rules, known as the Servicing Standards. Among these are four standards dictating the timeline for banks to process mortgage modification applications.Click to continue

New York AG Launches PSA Campaign to Fight Foreclosures

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New York Attorney General Eric T. Schneiderman announced his office’s rollout of a new series of public service announcements aimed at highlighting free legal assistance and housing counseling available to New Yorkers who are struggling to fight foreclosure. The statewide advertisements are intended to publicize the Attorney General’s Homeowner Protection Program, a $60 million initiative to support housing counselors and legal services providers working with homeowners statewide.Click to continue

Servicers Agree to Pay Up $39 Million for Illegal Foreclosures

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The U.S. Justice Department announced that under its 2011 settlements with BAC Home Loans Servicing and Saxon Mortgage Servicing Inc., 316 service members whose homes were unlawfully foreclosed upon between 2006 and 2010 are due to receive over $39 million in monetary relief for alleged violations of the Servicemembers Civil Relief Act (SCRA). Under the first settlement, Bank of America is required to pay over $36.8 million to service members whose homes were unlawfully foreclosed upon between 2006 and 2010.Click to continue

Nationwide Servicer Settlement Leads to Near 10 Percent Decline in Foreclosures

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The November Mortgage Monitor report, released by Lender Processing Services Inc. (LPS), shows the national foreclosure inventory dropped to 3.51 percent in November, representing an almost 10 percent decline from September 2012, when newly instituted National Mortgage Settlement requirements began to influence the pace of first-time foreclosure starts. LPS expects foreclosure starts to rebound as mortgage servicers incorporate the new procedural requirements into their operations in the coming months.Click to continue

FHFA Settles Mortgage Repurchase Claim Dispute With BofA

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The Federal Housing Finance Agency (FHFA) has approved an agreement between Fannie Mae and Bank of America (BofA) to resolve certain claims related to mortgages sold to Fannie Mae between 2000-2008, including the repurchase of approximately 30,000 loans by Bank of America.Click to continue