Items Tagged with 'Office of Mortgage Settlement Oversight'


  • 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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  • ICYMI: Ocwen given OK to move forward on 17,000 foreclosures

    What happened with Metric 31?
    In case you missed it, in the most recent third and fourth quarter 2015 oversight report from Joseph Smith, monitor of the National Mortgage Settlement, Ocwen Financial got the official go-ahead to lift a foreclosure sale hold placed on more than 17,000 loans earlier this year. The story dates back to a report first released in October 2015, which was not fully corrected by the time the April 2016 report came out.
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  • Ocwen responds to National Mortgage Settlement foreclosure holds

    Ocwen: These holds are not 'frozen foreclosures'
    Early Thursday morning, Joseph Smith, the monitor of the National Mortgage Settlement, announced that Ocwen Financial was not in compliance with one of the performance metrics of the National Mortgage Settlement and prohibited the nonbank from taking foreclosure actions on more than 17,000 loans. In a lengthy reply, Ocwen responded to Smith's office and the nature of the sanctions that Smith's office placed on it.
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  • NMS Monitor: Is the 30-year mortgage the best product?

    Challenges attendees at ABS East to “do something better"
    "Believe it or not, and this is worth the price of your admission right here, the 30-year mortgage is not a constitutional or human right,” National Mortgage Settlement Monitor Joseph Smith told ABS East attendees. "I challenge you to do something better, to help borrowers own their houses faster."
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  • Moody’s warns on Green Tree after servicing failures

    Performance could hamper business with GSEs
    Recent test results are putting a spotlight on Green Tree, according to analysts at Moody's Investors Service. As a result, Green Tree may find it harder to grow its business through mortgage servicing rights purchases in the short term, but the credit ratings agency said the threat to RMBS is minimal.
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  • Green Tree fails 8 servicing compliance tests

    Monitor: BofA, Chase, Citi, Ocwen, Wells Fargo pass all tests
    “After extensive testing, I can confirm that Green Tree failed eight metrics,” said Joseph Smith, monitor of the National Mortgage Settlement. “These results show that Green Tree must make significant changes to improve its practices and comply with the Settlement.”
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