The official monitor over the National Mortgage Settlement should provide much more data on the impact of foreclosure relief to determine which neighborhoods are being left without meaningful resolution, say scores of consumer advocacy groups.
As of February, Bank of America was servicing more than 96,000 loans in foreclosure, followed by Wells Fargo with nearly 85,000 loans and JPMorgan Chase with more than 54,000. The…
Mortgage servicers face a March 15 deadline to make initial cash payments into a specical fund from which qualified borrowers will be compensated for wrongful foreclosure actions taken in 2009 and 2010, according to the most recent consent orders between the lenders and bank regulators.
The Obama Administration’s Home Affordable Modification Program, or HAMP, marks its fourth year this month, with 856,154 households under “permanent” mortgage-reduction plans to help avoid possible foreclosures. But is has been a tough four years and the program continues to lag behind the initial goal of helping up to 4 million homeowners.
Big banks wrongfully foreclosed on more than 700 military members and seized homes from about two dozen other borrowers who were current on their mortgage payments in actions taken during the peak of the housing crisis.
In a comment letter filed Feb. 19 with the Consumer Financial Protection Bureau, the bankers not surprisingly had more negative than positive views on credit card reform, which was aimed at decades of lender abuses, such as unreasonable and sudden penalty fees and interest rate hikes without proper notice.
Checks to borrowers who submitted claim forms as part of the National Mortgage Settlement will likely be mailed out by “mid-year 2013,” according to a brief update on the settlement’s website.
The deal has essentially failed to keep families in their homes, and the settlement’s shortcomings has allowed the big banks to play a “shell game” with second mortgages.
For now, U.S. consumers don’t have to worry about the big retail chains adding a surcharge for credit card purchases, despite a settlement with Visa, MasterCard and the banks that allow them to do so.
You can still file a claim even though the deadline has passed in the $25 billion settlement to remedy the “robo-signing” and other foreclosure abuses by the top lenders.