Ongoing Implementation: A Report from the Monitor of the National Mortgage Settlement Joseph A. Smith, Jr.

Settlement

“My office has noted a significant increase in the number of consumer complaints and comments through the website since my last report. For the first six months of reporting, we averaged approximately 550 consumer submissions per month. From November 1, 2012, through February 1, 2013, we averaged roughly 830 complaints per month. This may be the result of greater awareness of my office, the result of persistent servicing issues, or both.”

“Complaints from consumers who are or were active-duty military appear to be on the rise.”

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Ongoing Implementation: A Report from the Monitor of the National Mortgage Settlement Joseph A. Smith, Jr.

This progress report is my third as Monitor under the National Mortgage Settlement. Like the reports I released in August and November, 2012, this report is not required by the Settlement. My first required reports concerning servicing standards compliance reviews will be submitted to the United States District Court for the District of Columbia in the second quarter of this year. I have received the compliance reviews from the banks necessary for me to undertake this work, which my professional firms and I are in the process of doing. In addition, as more fully discussed below, I have determined that one bank has satisfied its consumer relief obligations, although it must still complete its mandatory solicitations of eligible borrowers.

This report is part of my ongoing efforts to inform the public about the steps the banks have taken to implement the settlement and my progress in its oversight. As such, it includes:

• Information about the relief distributed to customers under the settlement between March 1, 2012, and December 31, 2012.
• An update on the implementation of the servicing standards set forth in the settlement and the metrics I am using to
assess compliance.
• A review of the complaints I have received from professionals and consumers across the nation.
• An updated timeline for future reports and milestones.

With the exception of my certification with regard to one servicer’s satisfaction of its obligations discussed below, the consumer relief activities discussed in this report represent gross dollar amounts that have not been subject to the detailed review required to receive credit under the settlement, nor have they been scored toward each bank’s total obligation. The $45.83 billion in cumulative consumer relief cannot be used to measure progress toward the $20 billion obligation in the settlement. This figure includes both completed consumer relief and active first lien trial modifications.

Since my last progress report, I have continued to receive valuable insight from counselors, lawyers, advocates, and other professionals around the country. This information has highlighted continuing areas of concern with the banks, such as dual tracking and issues relating to single points of contact. As a result, I have engaged the banks to address these complaints and will continue to use this feedback to inform my oversight responsibilities.

It is my continued hope that this report, like the ones that preceded it, will inform the public in a clear and accessible way about the settlement, answer questions that have been raised about it, and inform policymakers and the public as they discuss the future of the home mortgage finance system.

Sincerely,
Joseph A. Smith, Jr.

Full report below…

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4closureFraud.org

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A Report from the Monitor of the National Mortgage Settlement Joseph A. Smith, Jr.

Comments
4 Responses to “Ongoing Implementation: A Report from the Monitor of the National Mortgage Settlement Joseph A. Smith, Jr.”
  1. Anonymous says:

    Please Eastern Savings Bank claims to own my mortgage that they just foreclosed
    I July. I know Credit Suisse filed my mortgage by MERS. This year I called
    Credit Suisse who told me my mortgage is satisfied. I didn’t know so when my mortgage went to OPTION ONE. FREEMONT. AMERICAN HOME MORTGAGE HOME MORTGAGE I DID NOT KNOW THAT CREDT SUISSE Had. Forgive en the loan due to some problems Credit Suisse found themselves in. After 39 years n with Multiple Sclerosis I’m foreclosed with never. Getting to talk with judge. My lawyer filed wrong papers late. Later allegedly she I found out she does many closing a with Eastsrn Savings Bank of Maryland. HELP HELP HELP MY TIME IS RUNNING OUT

  2. Poof says:

    What Metal mama said !

  3. jIM pATRICK says:

    I want the legal organizations on the federal level, state level and county governments to look at
    each and every foreclosure, current, in court now and those that have been closed and file charges against all of the banks and their lawyers that have broken any and all laws.

    If little johnny stole $100 from a local gas station, he would be arrested and jailed for theft
    and serve time for the crime…………LET THE BANKS BREAK DOZEN OF FEDERAL AND STATE
    REGULATIONS, CHEAT THE IRS, AND FILE FRAUDULENT PAPERS WITH THE COURTS, THEY
    GET A GOVERNMENT BAILOUT AND IF ANY THING A SLAP ON THE WRIST.

    I WANT 100’S OF ARRESTS AND 1,000’S OF CHARGES AGAINTHE BANKS AND THE RETURN OF THE PROPERTY BACK TO THE HOME OWNERS.

    Jim Patrick jimpatrick@tds.net

    ALL BANKS ARE GUILTY OF 1000’S IF CRIMES AND THE POLITICIANS AND LAWYERS ARE
    BACKING THEM UP! !

    >>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>

  4. Michele C/Metal Mama says:

    Jail the Bankster’s

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