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Servicemembers Civil Relief Act
Chase Officially Satisifes $4 Billion RMBS Settlement Consumer-Relief Requirement
Ocwen Foreclosures Frozen After National Mortgage Settlement Compliance Failure
CFPB Fines Wells Fargo $100 Mil for Secretly Opening Unauthorized Accounts
Consumer Financial Protection Bureau Expands Foreclosure Protections

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Servicemembers Civil Relief Act

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

Chase Officially Satisifes $4 Billion RMBS Settlement Consumer-Relief Requirement

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 168,960 borrowers.

Ocwen Foreclosures Frozen After National Mortgage Settlement Compliance Failure

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 lossfor the first quarter of 2016, the nonbank has run afoul of the terms of the National Mortgage Settlementand 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.

CFPB Fines Wells Fargo $100 Mil for Secretly Opening Unauthorized Accounts

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

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 bankruptcy.

Wells Fargo Agrees To Blockbuster Mortgage Settlement

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.

Goldman to Pay up to $5B to Settle Claims of Faulty Mortgages

More than seven years after the worst of the financial crisis, Goldman Sachs is again paying a price for the role it played.
The 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.

Goldmanannounced the settlement— the final terms of which are still being negotiated — after the markets closed.

Goldman, which is scheduled to report fourth-quarter earnings on Wednesday, said the settlement would reduce earnings in that period by approximately $1.

Wells Fargo Faces Ongoing Mortgage Probe Despite Recent FHA Settlement

Wells 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 Administration.

Wells 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.

U.S. Treasury Announces Additional $2 Billion in TARP Funds to Hardes Hit Funds

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.

Wells Fargo to Pay $1.2 Billion in FHA-Related Settlement

Wells Fargo & Co said on Wednesday it would pay $1.2 billion to resolve some civil claims related to its Federal Housing Administration (FHA) lending program, primarily between 2001 and 2010.

The U.S. Department of Justice sued Wells Fargo in October 2012, saying it failed to report more than 6,000 loans that did not meet requirements for insurance under the FHA, and failed to properly review early payment defaults.

The company, which reported 2015 results on Jan. 15, said it has provided for an additional legal accrual that added $200 million to its noninterest expense last year.