Servicers Will Meet ‘Each and Every’ Standard in $25B Foreclosure Settlement

Servicers Will Meet ‘Each and Every’ Standard in $25B Settlement

The first real test of the $25 billion mortgage settlement comes Tuesday, when the nation’s largest servicers must reveal their progress.

That’s the deadline for the five companies—Ally, Bank of America, Citigroup, JPMorgan Chase and Wells Fargo—to certify that they are complying with 304 servicing standards, everything from loss-mitigation practices to adequate training to proper communication with customers.

“Every indication I have from all five servicers is they will be ready to perform each and every one of the servicing standards on Oct. 2,” says Joe Smith, the former bank regulator hired to oversee implementation of the settlement’s terms. “Each of the firms, to a varying level of severity, is going through a really extensive quality control process with regard to each of the standards.” [Lawyers–I’ll bet you see robosigned bs after that Oct. 2 certification; Reporters–perhaps you can ask Smith about it?]

Rest here…


4 Responses to “Servicers Will Meet ‘Each and Every’ Standard in $25B Foreclosure Settlement”
  1. Poof says:

    Business as us usual these Banksters have a profitable scam going on! Does anyone think they are going to give this up easily? As I have said before start prosecuting & locking these Banksters up that is the only way this fraud will stop! We now we have the politicians with a huge windfall (mortgage settlement funds) I would say all the way around the homeowner is very last in line!

  2. The whistle blowers on fraud appraisals the whistle blower from countryside got tremendous dollars for coming forward! Home owners such as myself can’t even rent an apartment!! If a Sri Lu r on fixed income? Has anyone checked their credit? Working since 16 raised 2 children alone without assistance paid all rents mortgage until 5 yrs ago 800 sco’re all that is reported is when you became injured losing most everything! Only current status reported which is poor?

  3. Cheryl Stepnioski says:

    As far as I can tell..”it’s business as usual” at BoA. Their horrible customer service is still the same. when you finally get through to to someone. they pass you on to some one else over and over. you can never get a straight answer from anyone. Nor do you ever talk to anyone more then once . we were going into for closure. And in May we received a call from A Yavon Wilson she said she was from the ‘justice dept’ at BoA. That she was going over our mortgage and we qualified for a new modification because of the settlement. she told us she had put a hold on our sheriff sale. She asked for specific documents and paper work to be faxed to her. we did everything she asked. we were told to wait to here from her. she contacted us a few more times. for more documents. at the end of July we received a two sentence letter saying she was no longer our rep and to call the number given. it was the same number we had always called. The stupid customer service. No one knew who she was and told us our sheriff sale had not been put on hold. we got passed around again, cut off, hung up on ect ect ect. In Michigan you get a 6 month redemption after the sheriff sale date. We were 3 months into it by then and didn’t even know it had been sold because of the woman from BoA. With the 1st modification we made 18 payments on time then suddenly they stopped excepting the payments and said we were in foreclosure. Nothing has changed there and nothing will. As Far as I am concerned BoA has stolen our home. And is stealing many peoples homes. the Gov goes through the motions but will never really do anything to any of the banks.

    • Loss of job!!! 40 yr no k longer have identity tried haaging onto homes lost the ones I putsch much monies and work into!! Loss of identity lost respect integrity from others locked out mist humiliating experience stuck we 2 foreclosures told to move back in they would modify??? Liars all if them!! Okay do you work hard don’t brra k any laws pay taxes due!!! And now 40 yrs if hardwork is completely wiped out due to illness/injury stuck with extended stay at motels sleep in car at times to offset cost!! Most think thstvi have li st it? They have no idea what it has been like and would never ever believe that their banks have acted so fraudulent.

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