Skip to main content

Ally Fulfills Nationwide Mortgage Settlement Requirement
Feb 15, 2013

Joseph A. Smith Jr., Monitor of the National Mortgage Settlement, has filed a report with the Federal District Court for the District of Columbia that certifies that Residential Capital LLC, Ally Financial Inc. and GMAC Mortgage LLC (collectively known as "Ally") have satisfied their consumer relief obligations and partially certifies completion of Ally’s mandatory solicitation requirements under the settlement. Ally was required to provide $200 million of relief to consumers in the form of loan modifications, short sales, principal forgiveness and other forms of relief as part of the NMS. Ally has met and exceeded this obligation and the Monitor has certified its consumer relief credit under this part of the Settlement. “After a thorough review, I have certified that Ally has satisfied its minimum consumer relief obligations under the Settlement," said Smith. "I have confirmed that Ally has provided $257,411,785 in credited relief to borrowers across the nation. Ally, and any successor servicer that purchases Ally’s portfolio, remain subject to its continuing mandatory solicitation obligations and to the servicing standards, or reforms, outlined in the NMS." Ally also has a mandatory solicitation requirement for certain borrowers and has satisfied some of this requirement, for which the Monitor has partially certified Ally’s compliance. Smith is also set to release his third progress report, which will include data on the consumer relief activity Ally, Bank of America, Citi, Chase and Wells Fargo, the five banks that are a part of the NMS, performed between March 1-Dec. 31, 2012, based on their reports to the states and the Monitor. "I look forward to sharing more information about the process through which I made this determination with the public when I release my next progress report," said Smith. "I will continue my work with Ally and its successors to ensure that they are following the servicing standards and appropriately working with their customers over the next two years. I hope that the consumer relief and the servicing standards the crafters of this bi-partisan, state-federal Settlement negotiated will continue to help homeowners across the nation.”
Feb 15, 2013
Mortgage Forbearance Changes Create Challenges for Servicers

65% Of All Plans Would Expire By The End of 2021

Regulation and Compliance
Aug 02, 2021
CFPB Reports Trends In Financial Assistance

The latest developments from this study reveal that most consumers have exited the payment assistance they received at the start of the pandemic.

Analysis and Data
Jul 14, 2021
CFPB Orders GreenSky To Refund $9M In Unauthorized Loans

The consent order requires GreenSky to refund or cancel up to $9 million in loans for the customers harmed by this illegal conduct.

Regulation and Compliance
Jul 13, 2021
CFPB Warns Landlords And Consumer Reporting Agencies To Report Accurate Rental Information

Inaccurate rental or eviction information can unfairly block families and individuals from safe, affordable housing.

Regulation and Compliance
Jul 01, 2021
FHFA Mandates Quarterly Fair Lending Reports

FHFA issued orders for all enterprises to submit quarterly Fair Lending Reports with data and information to improve the FHFA’s capabilities. 

Regulation and Compliance
Jul 01, 2021
FHFA Follows CFPB To Protect Borrowers Once COVID-19 Foreclosure And Eviction Moratoriums End

The Federal Housing Finance Agency made it clear that Fannie Mae and Freddie Mac servicers are not permitted to make first notice or filing for foreclosure that would be prohibited by the CFPB protections for borrowers affected by COVID-19.

Regulation and Compliance
Jun 30, 2021