California Foreclosure Fraud Settlement Monitor: Servicers Dragging Their Feet

By: Thursday August 16, 2012 1:47 pm

Katherine Porter, the monitor tasked with specific oversight for California’s foreclosure fraud settlement, says what most of us could have suspected: the servicers are dragging their feet on compliance. The California monitor of the $25 billion national mortgage servicing settlement received roughly 1,100 complaints in the last month from borrowers reporting a slow uptake to [...]

Foreclosure Fraud Settlement Docs (III): “Internal Review Group”

By: Tuesday March 13, 2012 10:47 am

Let’s take a look at the enforcement in the foreclosure fraud settlement. How will the servicers be made to meet their obligations? This is all covered in Exhibit E of the settlement documents. This starts out by telling us that the servicers will have up to 180 days to actually phase in the implementation of [...]

49-State Foreclosure Fraud Settlement Will Be Finalized Thursday

By: Wednesday February 8, 2012 8:15 pm

Forty-nine states, every one but Oklahoma, as well as federal regulators will participate in a foreclosure fraud settlement that will release the five biggest banks (Wells Fargo, Citi, Ally/GMAC, JPMorgan Chase and Bank of America) and their mortgage servicing units from liability for robo-signing and other forms of servicer abuse, in exchange for $25 billion [...]

Enforcement Process for Foreclosure Fraud Settlement Outlined

By: Thursday February 2, 2012 8:15 am

Reuters has the latest on the foreclosure fraud settlement which now has a February 6 sign-on deadline. They tackle the very troubling issue of enforcement which has bedeviled past settlements with the banks, particularly on loan modifications. Reuters writes that the states would get some enforcement authority in the settlement: A proposed settlement to resolve [...]

Masto Raises Score of Questions Over Foreclosure Fraud Settlement

By: Monday January 30, 2012 2:35 pm

Lots of developments late today on the foreclosure fraud and servicing settlement. We know that a term sheet of some kind has been sent to the states for approval. Apparently there was a deadline attached to that, of February 3rd. We’ve seen deadlines before in the settlement, but this one has a little more weight [...]

Another Day, Another Claim of an Imminent Foreclosure Fraud Settlement

By: Tuesday December 13, 2011 10:13 am

I think I can chart the lunar cycle by new articles proclaiming an imminent settlement in the foreclosure fraud investigation. The latest contains a few new details, but little beyond what we’ve already heard. There’s this deliberate effort to force California into making a $6 billion decision. With California in the mix, the settlement amount [...]

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