PHH Corp. will pay $45 million as part of a
nationwide settlement over mortgage servicing and foreclosure issues
during the housing crisis, a group of nearly every state attorney
general announced Wednesday.
The settlement requires PHH to adopt new servicing standards and
provide monetary relief to affected borrowers, though the company
counters it already currently uses said standards.
The settlement covers the company’s mortgage servicing practices,
including foreclosure activities, between Jan.
Active duty servicemembers and dependents may be entitled to legal protections and debt relief pursuant to the Servicemembers Civil Relief Act (50 USC App. 501-596) ("SCRA").
Who is covered?
- Active duty military (Army, Navy, Air Force, Marine Corps, Coast Guard, National Guard)
- Active servicemembers of the commissioned corps of the National Oceanic and Atmospheric Administration
- Active servicemembers of the commissioned corps of the Public Health Service
- US citizens serving with the armed forces of a nation with which the US is allied in the prosecution of war or military action
Completes more than one year ahead of schedule.
JPMorgan Chaseofficially fulfilled its $4 billion
consumer relief obligation under its settlement with the federal
government and five states, concerning claims that Chase, Bear Stearns and Washington Mutual packaged and sold bad residential mortgage-backed securities to investors before the financial crisis.
This is the ninth and final report from Joseph Smith, monitor of the
JPMorgan Chase Residential Mortgage-Backed Securities Settlement,
credited Chase with providing $4,063,880,724 of consumer relief to
More than 17,000 loans placed on foreclosure hold
As it turns out, it can get worse for Ocwen Financial.
Less than one day afterposting a massive loss
for the first quarter of 2016, the nonbank has run afoul of the terms of the National Mortgage Settlement
and is now forbidden from taking foreclosure actions on more than 17,000 loans.
According to Joseph Smith, the monitor of the National Mortgage
Settlement, Ocwen is not yet back in compliance with one of the
performance metrics of the National Mortgage Settlement that it failed
in the second half of 2014.
CONSUMER FINANCIAL PROTECTION BUREAU FINES WELLS FARGO $100 MILLION FOR WIDESPREAD ILLEGAL PRACTICE OF SECRETLY OPENING UNAUTHORIZED ACCOUNTS
Bank Incentives to Boost Sales Figures Spurred Employees to Secretly Open Deposit and Credit Card Accounts
WASHINGTON, D.C. — Today the Consumer Financial Protection Bureau (CFPB) fined Wells Fargo Bank, N.A. $100 million for the widespread illegal practice of secretly opening unauthorized deposit and credit card accounts. Spurred by sales targets and compensation incentives, employees boosted sales figures by covertly opening accounts and funding them by transferring funds from consumers’ authorized accounts without their knowledge or consent, often racking up fees or other charges.
Consumer Financial Protection Bureau Expands Foreclosure Protections
Updated Servicing Rule Provides Surviving Family
Members and Other Homeowners with Same Protections as Original Borrowers
Washington, D.C.– The Consumer Financial Protection Bureau
(CFPB) today finalized new measures to ensure that homeowners and
struggling borrowers are treated fairly by mortgage servicers. The
updated rule requires servicers to provide certain borrowers with
foreclosure protections more than once over the life of the loan,
clarifies borrower protections when the servicing of a loan is
transferred, and provides important loan information to borrowers in
The banking giant admits to deceiving the federal government.
(Reuters) – Wells Fargo
admitted to deceiving the U.S. government into insuring thousands of
risky mortgages, as it formally reached a record $1.2 billion settlement
of a U.S. Department of Justice lawsuit.
The settlement with Wells Fargo, the
largest U.S. mortgage lender and third-largest U.S. bank by assets, was
filed on Friday in Manhattan federal court. It also resolves claims
against Kurt Lofrano, a former Wells Fargo vice president.
More than seven years after the worst of the financial crisis, Goldman Sachs is again paying a price for the role it played.
Wall Street firm said on Thursday it had agreed to a civil settlement
of up to $5 billion with federal prosecutors and regulators to resolve
claims stemming from the marketing and selling of faulty mortgage
securities to investors.
which is scheduled to report fourth-quarter earnings on Wednesday, said
the settlement would reduce earnings in that period by approximately
Fargo continues to face federal and state mortgage probes, even after
the $1.2 billion settlement it reached in early February to resolve
claims of misconduct related to mortgages insured by the Federal Housing
Fargo, in its annual 10-K filing released on Wednesday, said it
continues to face "investigations or examinations of certain mortgage
related practices" from "federal and state government agencies,
including the United States Department of Justice.
Fifth Round of FundingWill Provide $2 Billion in Additional Assistance to
Struggling Homeowners and Communities
WASHINGTON– The U.S. Department of the Treasury today announced it would exercise
its authority to obligate up to $2 billion in additional Troubled Asset
Relief Program (TARP) funds to the Hardest Hit Fund (HHF) program.