Personal Liberty Digest™ will be upgraded this weekend to reflect a dynamic new look and mobile-friendly viewing to enhance your experience! Plus, we'll be providing even more of the compelling content you've come to expect, delivered in a whole new way!

  Comments Subscribe to Personal Liberty News Feed Subscribe to Personal Liberty
 

U.S. Banks Fall Short On 29 Rules In $25 Billion Settlement

WASHINGTON (UPI) — Only one of five U.S. banks involved in a $25 billion mortgage-abuse settlement had reached every goal in the agreement, an independent monitor said.

The deal with the national mortgage lenders included the billions in financial obligations, which a report by the settlement’s appointed monitor, Joseph Smith, said have likely been fulfilled, The New York Times reported Wednesday.

But the deal also included 29 separate goals for banks to reach in how they were handling mortgages and foreclosures.

The lenders, including Bank of America, JPMorgan Chase, Citibank, Ally Financial and Wells Fargo, have reached most of the 29 goals. But Citigroup fell short on three of them, Bank of America and JPMorgan on two and Wells Fargo on one, the Times said.

Only Ally Financial made the grade on each of the 29 metrics, Smith’s report said.

Smith said he would tweak the rules, likely adding more goals to make sure the changes banks were making matched up with the intended results.

The Times said Citigroup fell short on two goals of informing borrowers of missing documents and on the goal of sending borrowers a letter with accurate information before a foreclosure.

JPMorgan flunked a goal on keeping the process of loan modifications on a prescribed timeline. It also surpassed the two-week limit it is allowed for removing forced insurance requirements on homeowners who prove they have insurance with another company, the report said

JPMorgan said it had already sent more than 2,000 checks to homeowners, as required, to make up for failing to reach that goal.

The banks said they were working to reach 100 percent compliance.

Wells Fargo said it had done an in-house review and was now in compliance. Citibank said it had already fixed one of the three problems and was working on the others.

The banks face a fine of $5 million for each failed goal but it is unlikely this will occur because generally the fines are waived unless a participant fails on five or more of the requirements, the Times said.

UPI - United Press International, Inc.

Since 1907, United Press International (UPI) has been a leading provider of critical information to media outlets, businesses, governments and researchers worldwide.

Facebook Conversations

Join the Discussion:
View Comments to “U.S. Banks Fall Short On 29 Rules In $25 Billion Settlement”

Comment Policy: We encourage an open discussion with a wide range of viewpoints, even extreme ones, but we will not tolerate racism, profanity or slanderous comments toward the author(s) or comment participants. Make your case passionately, but civilly. Please don't stoop to name calling. We use filters for spam protection. If your comment does not appear, it is likely because it violates the above policy or contains links or language typical of spam. We reserve the right to remove comments at our discretion.

Is there news related to personal liberty happening in your area? Contact us at newstips@personalliberty.com

Bottom
close[X]

Sign Up For Personal Liberty Digest™!

PL Badge

Welcome to PersonalLiberty.com,
America's #1 Source for Libertarian News!

To join our group of freedom-loving individuals and to get alerts as well as late-breaking conservative news from Personal Liberty Digest™...

Privacy PolicyYou can opt out at any time. We protect your information like a mother hen. We will not sell or rent your email address to anyone for any reason.