The Consumer Financial Protection Bureau’s recent report on mortgage servicing found problems at banks and nonbanks alike. Specifically, its investigation, conducted from November to June, found significant issues that could cause homeowners to miss payments, threaten their credit histories and plunge them into foreclosure.
mortgage settlement
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The recent settlement covers borrowers who have loans that are serviced by one of the five big banks. Who qualifies, the different options for homeowners (both previously foreclosed and current owners underwater). Subscribers will be able to view the full article with links and phone numbers to contact their lenders. […]
Who does the settlement cover? The settlement covers borrowers who have loans that are serviced by one of the five big banks: Ally Financial Inc./GMAC Mortgage, Bank of America Corp., Citigroup Inc., J.P. Morgan Chase & Co. and Wells Fargo & Co. These banks handle payments on 55% of U.S. […]
(AP) — Illinois is expected to receive about $1 billion in a multi-state settlement with the nation’s five largest mortgage lenders, Attorney General Lisa Madigan announced Thursday. Madigan joined with attorneys general in others states and federal officials to announce the roughly $25 billion settlement in Washington. Read the full […]