Citi agreed to pay $2.5 billion in consumer relief as part of a $4 billion settlement in July 2014. How far has the bank come toward paying that obligation?
Read More »Bank of America Directs Relief to Hardest Hit Areas
Under the terms of its 2014 RMBS settlement, Bank of America is continuing to provide relief to consumers in the areas most affected by the foreclosure crisis.
Read More »Citigroup Starts to Show Distressed Consumers the Money
The bank has until 2018 to pay the remaining $1.8 billion in consumer relief under the terms of the settlement.
Read More »Bank of America is Well Ahead of Pace to Fulfill Settlement Obligation
The majority of the amount credited in the second quarter ($1.7 billion) went to modification of 9,671 loans. Another $186 million of the amount credited in Q2 went to extend 16,231 new home loans to borrowers in HUD-designated hardest-hit areas, borrowers who lost their homes to short sales or foreclosures, and low- and moderate-income borrowers.
Read More »Chase is Close to Fulfilling Consumer Relief Obligation for RMBS Settlement
Smith credited Chase with a total of $3.5 billion in consumer relief in his sixth report on the bank's progress since the November 2013 settlement over the selling of toxic mortgage-backed securities to investors. The bank has more than two years to pay the remaining $0.5 billion.
Read More »Monitor Credits Bank of America with $1.19 Billion Toward Settlement Obligation
Green reported that most of the $1.181 billion credit Bank of America was credited with in Q1 was based on 2,938 first lien principal forgiveness loan modifications. Those modifications, which include principal forgiveness, interest rate reduction, and bringing loans current without penalty, are intended to make mortgages more affordable for struggling homeowners.
Read More »Monitor Continues to Investigate Ocwen Over Compliance With Settlement Terms
In what was Ocwen's second report on consumer relief under the NMS, the Atlanta-based servicer reported that through the end of the fourth quarter in 2014, 21,257 borrowers had completed first-lien modifications and benefited from $1.9 billion in consumer relief.
Read More »Bank of America Provides Nearly $9 Million in Consumer Relief Toward Settlement Obligation
Bank of America has begun the process of paying out $7 billion in consumer relief as part of its record $16.65 billion settlement with the U.S. Department of Justice and six states last August, according to an announcement on the settlement monitor's website. Professor Eric D. Green, independent monitor of the settlement, announced in his initial progress report since the settlement was reached six months ago that Bank of America had correctly claimed credit of approximately $8.94 million for 100 first-lien loan modifications meant to help make mortgages more affordable for struggling homeowners
Read More »Lawmakers Discuss Use of RMBS Settlement Funds at House Judiciary Committee Hearing
Speaking at Thursday's House Judiciary Committee hearing entitled "Oversight of the Justice Department’s Mortgage Lending Settlements," some lawmakers criticized the federal government for using little or none of the $36 billion in recent mortgage backed-securities settlements with big banks to help foreclosure victims.
Read More »JPMorgan Claims $868M in Consumer Relief Credit
JPMorgan Chase reports it has completed nearly a quarter of its consumer relief obligations required under a landmark mortgage-backed securities (MBS) settlement last year.
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