Articles Tagged with ''National Mortgage Settlement''

San Francisco Chronicle: California can’t divert mortgage relief funds to pay off state debt

Court says state must use $331 million to help homeowners
California took the money from the 2012 settlement and, instead of using it for mortgage relief, used it to balance the state’s financial ledgers. “Nice try, Sacramento, but the rules don’t work that way when it comes to diverting public money to ease bureaucratic pain,” the Chronicle’s Editorial Board said in an opinion piece.
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The National Mortgage Settlement is officially over

Monitor’s office to shut down by end of 2018
One of the vestiges of the financial crisis is now officially in the past. The National Mortgage Settlement, the epic, massive mortgage servicing settlement between the federal government, 49 states (all excluding Oklahoma), and five of the nation’s biggest banks and mortgage servicers, is now done and complete. RIP.
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SunTrust back in compliance with National Mortgage Settlement servicing rules

Remedies failure of one metric
SunTrust is back in compliance with all of the servicing requirements of the National Mortgage Settlement, the settlement’s monitor said in a report published early Tuesday. Joseph Smith, the monitor of the National Mortgage Settlement, said in the report that SunTrust did not fail any compliance metrics that his team tested during the second half of 2017.
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Ocwen fined $1 million for force-placed insurance issues

Runs afoul of National Mortgage Settlement guidelines
Ocwen Financial will pay a fine of $1 million for running afoul of the terms of the National Mortgage Settlement by not properly refunding force-placed insurance premiums to certain borrowers during the first quarter of 2017. And because Ocwen previously failed the servicing metric in question in 2015, this most recent failure triggered a $1 million fine.
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SunTrust completes consumer relief requirements under national mortgage settlement

Provides more than $500 million in consumer relief
SunTrust fulfilled its consumer relief obligations under the National Mortgage Settlement, wrapping up the relief requirements under a settlement with the government over mortgage servicing and foreclosure abuses. Under the settlement, SunTrust was required to provide its consumer relief by Sept. 30, 2017.
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HSBC officially completes obligations under the National Mortgage Settlement

That’s a wrap
After a little more than a year, HSBC officially completed its obligations under the National Mortgage Settlement. This dates back to February 2016 when HSBC agreed to a $601 million settlement with a series of federal agencies and nearly every state over charges that the bank engaged in mortgage origination, servicing and foreclosure abuses.
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Katie Porter, California mortgage settlement monitor and Warren protégé, running for Congress

Elizabeth Warren: "There's no one I trust more to take on Donald Trump"
The coming battle for control of Congress in 2018 has a new combatant, one that would bring significant experience in the mortgage space to the House of Representatives. Katie Porter, who served as California’s independent monitor for the nationwide $25 billion National Mortgage Settlement and boasts Sen. Elizabeth Warren, D-Mass. as a mentor, announced that she is running for a seat in the House of Representatives in 2018.
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HSBC fulfills consumer relief obligation under National Mortgage Settlement

Provides more than $371M in consumer relief
After agreeing to a $601 million settlement nearly a year ago, HSBC is now officially finished with its consumer relief requirement, providing more than $371 million in consumer relief. Joseph Smith, monitor of the National Mortgage Settlement, said that this will be his final report on HSBC’s consumer relief obligation.
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SunTrust fails one National Mortgage Settlement test in first quarter

Next update slated for early 2017
SunTrust didn’t quite make the cut in the latest report from the monitor of the National Mortgage Settlement. According to the update, SunTrust failed to uphold one metric in the National Mortgage Settlement requirements during the first quarter of 2016 and the bank’s Corrective Action Plan is currently under review.
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