Tag: Bank of America

National Mortgage Settlement Monitor Announces New Metrics to Test Servicer Noncompliance, Banks Promise To Do Better…Again
By October 3, 2013 0 Comments Read More →

National Mortgage Settlement Monitor Announces New Metrics to Test Servicer Noncompliance, Banks Promise To Do Better…Again

Let’s begin with a simple question. If Charles Manson promised to stop acting crazy, would you let him out or would you double-check the bolt on his cell door? This week mortgage industry headlines were abuzz as New York Attorney General Schneiderman announced a lawsuit against Wells Fargo for more than 210 violations of the […]

Posted in: Features
Mortgage Servicers Fail To Timely Resolve or Report Tens of Thousands of Escalated Cases
By April 17, 2013 1 Comments Read More →

Mortgage Servicers Fail To Timely Resolve or Report Tens of Thousands of Escalated Cases

In late March, the Office of the Inspector General for FHFA, the agency that oversees Fannie Mae and Freddie Mac, issued a report on Freddie Mac’s oversight of mortgage loan servicers. In a nutshell, OIG found that servicers are failing to resolve escalated cases as required and Freddie Mac is failing to oversee those servicers. […]

Posted in: Features
By March 10, 2013 0 Comments Read More →

Big Banks Caught Foreclosing on Homeowners Not Even in Default, Service Members on Active Duty

The now much maligned Independent Foreclosure Review was canceled by regulators amid a tsunami of complaints from consumer advocates and whistleblower allegations from the paid reviewers alleging that the whole process was an expensive sham. The OCC has come under heavy fire for botching things from the outset and then trying to cover up what […]

Posted in: News and Events
By January 15, 2013 0 Comments Read More →

Massachusetts Charges That Big Five Banks Are Still Filing Robosigned Affidavits

The National Mortgage Settlement was supposed to put an end to the illegal practice of robosigning false affidavits used to foreclose on homeowners. But a watchdog group in Massachusetts reviewed affidavits filed after the settlement and discovered at least 200 that did not comply with the new standards. The National Settlement Monitor, Joseph Smith, released […]

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By January 12, 2013 0 Comments Read More →

Public Citizen Calls for Investigation Into Sweetheart Settlement Between Bank of America and Fannie Mae

Consumer watchdog group Public Citizen has asked the Inspector General of the Federal Housing Finance Agency (FHFA) to investigate the reasonableness of the sweetheart settlement deal between Bank of America and Fannie Mae. The recently announced settlement resolves buyback demands for more than a trillion dollars of defective loans that Countrywide originated and sold to […]

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By December 22, 2012 0 Comments Read More →

Bank of America Continues Its Reign As the Worst of the Worst

Bank of America took the number one top spot this week in two important categories: largest volume of seriously delinquent loans and most consumer complaints. Bloomberg reports that Bank of America holds $64 billion dollars in loans that are more than six months past due but not yet in foreclosure. That staggeringly large number is […]

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