US Bank
By Krista Franks | 01/24/2012
Settlement negotiations between state attorneys general and the top five servicers have dragged on for more than a year now throughout frequent reports that a settlement is close. Working out a deal that banks feel is fair and that attorneys general feel serves their states' residents has been challenging at best. However, with a settlement once again reportedly "weeks away," it appears the proposal on the table is agreeable to more than just the five banks involved from day one. Both U.S. Bancorp and PNC may sign on, according to multiple reports.
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By Krista Franks | 12/15/2011
Fannie Mae has released the third-quarter results of its Servicer Total Achievement Rewards (STAR) Program, which grades servicers on foreclosure prevention performance. The GSE says three companies - JPMorgan Chase, PHH Mortgage, and U.S. Bank - demonstrated improvements in scorecard metrics measuring the volume of foreclosure alternatives provided to borrowers. All three raised their scores to a 3-STAR rating, which means they are at or above the median performance level.
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By Krista Franks | 10/19/2011
A Massachusetts man lost something he never had -- his home. The Masachusetts Supreme Judicial Court ruled this week that when Francis Bevilacqua purchased the home from U.S. Bank in 2006, the bank did not actually hold the home's title. The court ruled that because U.S. bank did not own the mortgage when it foreclosed upon the property, it did not obtain a title in the foreclosure. Therefore, Bevilacqua did not purchase a legal title when he made the purchase.
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By Carrie Bay | 09/16/2011
Foreclosure starts soared during the month of August in states along the country's western coast, reversing what had been a declining trend over the past several months, according to ForeclosureRadar. The firm keeps close tabs on foreclosure activity in the states of Arizona, California, Nevada, Oregon, and Washington. It recorded a spike in the first notice filed in the foreclosure process across the five-state coverage area, driven by a 116 percent month-over-month increase in activity from Bank of America.
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By Carrie Bay | 08/16/2011
U.S. Bank has announced several new initiatives to support the city of Milwaukee in its efforts to stabilize hard-hit communities through the Neighborhood Stabilization Program (NSP). The bank is setting up a $1 million restoration fund for developers to acquire and rehabilitate foreclosed properties in the city's designated NSP zones. It has also agreed to provide $15 million in mortgages to qualified borrowers in NSP zones over the next four years, and has committed to give more than $240,000 in grants to housing agencies working within the city.
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By Heather Hill Cernoch | 05/24/2011
Under the terms of a settlement reached with HUD late last week, U.S. Bank will pay $1.2 million to resolve allegations that it failed to comply with Federal Housing Administration (FHA) requirements in connection with 27 mortgage loans. U.S. Bank is the FHA's eighth largest mortgage lender. U.S. Bank did not admit any liability, but HUD documented losses of more than $465,000 in relation to these loans.
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By Carrie Bay | 04/13/2011
The Office of the Comptroller of the Currency, Federal Reserve, and the Office of Thrift Supervision announced formal enforcement actions Wednesday against 14 mortgage servicers and two firms that provide foreclosure-related services to the industry - LPS and MERS. The consent orders are the result of regulators' investigations into robo-signing allegations and represent a settlement with the firms involved, at least in part. Both the OCC and Fed say they believe monetary sanctions in these cases are also warranted, and they plan to pursue such actions separately.
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By Joy Leopold | 02/09/2011
A California appeals court ruling could have far reaching effects for the mortgage servicing community. The three judges hearing the case of Aceves v. U.S. Bank found that the bank had promised to negotiate a loan modification for a customer while intending to proceed with the foreclosure on the customer's house. The bank claimed an oral promise to postpone foreclosure is unenforceable. But the court ruled against the bank because the homeowner had opted against other actions to keep her home based on the bank's word it would offer a modification.
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By Joy Leopold | 01/25/2011
A recent report by Institutional Risk Analytics (IRA) says Bank of America and Wells Fargo are two of the most sued financial service firms in the United States.
IRA says that mortgage exposure is what is causing these two banks and others in similar situations to be embroiled in so many federal legal cases. In addition, the firm points to the added burden many of these companies are also facing in litigation that will not reach federal court, such as cases involving foreclosure practices.
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By Joy Leopold | 01/10/2011
The Friday ruling by the Massachusetts Supreme Court that invalidated two foreclosures by U.S. Bank and Wells Fargo has prompted an outpouring of responses from the industry, and many are wondering if the ruling will have far reaching effects on other foreclosure sales.
The Supreme Court ruled the banks did not have the legal right to foreclose on homes in the state because they did not have proper documentation to prove they owned the mortgages at the time of foreclosure.
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