Items Tagged with 'Joseph Smith'


  • 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 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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  • 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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  • Chase officially satisfies $4 billion RMBS settlement consumer-relief requirement

    Completes more than one year ahead of schedule
    In his ninth and final report, Joseph Smith, monitor of the JPMorgan Chase Residential Mortgage-Backed Securities Settlement, credited Chase with more than its required $4 billion of consumer relief obligation. The settlement dates all the way back to claims that Chase, Bear Stearns and Washington Mutual packaged and sold bad residential mortgage-backed securities to investors before the financial crisis.
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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 fixes previous settlement failures, faces two new failed tests

    "There is still work to be done"
    Right as Ocwen Financial fixed previous compliance failures, the servicer is hit with two new compliance failures, according to the latest oversight report on Ocwen from Joseph Smith, monitor of the National Mortgage Settlement. Although the report shows improvement for the servicer: "there is still work to be done for Ocwen to fully comply with the National Mortgage Settlement."
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  • Chase almost done with RMBS settlement's consumer relief requirement

    Officially fulfills $3.9B of $4B requirement
    Joseph Smith, monitor of the Chase RMBS Settlement, officially credited Chase with providing $3,887,777,119 of consumer relief to 165,191 borrowers. This brings the bank extremely close to its required $4 billion in credited consumer relief by Dec. 31, 2017. Here's a quick snapshot of the bank's progress so far.
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