BofA, JPMorgan Chase Say They’ve Fulfilled National Mortgage Settlement Obligations: Report

Fraud Settlement

 BofA, JPMorgan Chase Say They’ve Fulfilled National Mortgage Settlement Obligations: Report

Bank of America and JPMorgan Chase say they’ve fulfilled their obligations to troubled borrowers mandated by a settlement the banks agreed to last year, the Los Angeles Times reports. But despite the banks’ self-reported progress, questions still linger as to the effectiveness of the deal, which aimed to settle claims of systematic and widespread mortgage fraud in the lead up to the financial crisis.

In signing onto the settlement with 49 states and the federal government last year, BofA, JPMorgan, Wells Fargo, Citigroup and Ally Financial agreed to pay out billions to troubled homeowners and revamp the way they manage home loans, a process critics argued was unfair and often damaging to homeowners. In return, prosecutors agreed not to pursue legal claims over the lenders’ alleged “robo-signing,” a practice in which bank staff forged documents in an aim to speed up the foreclosure process.

BofA and JPMorgan’s assertions that they’ve fulfilled their obligations under the settlement aren’t official, as Joseph Smith, the monitor for the deal, hasn’t reviewed them yet, according to the LA Times. Wells Fargo also claims to be 90 percent of the way done fulfilling its obligations.

The banks’ claims that they’ve met their end of the bargain may not be enough for struggling homeowners as countless criticisms have arose in the wake of the settlement.

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3 Responses to “BofA, JPMorgan Chase Say They’ve Fulfilled National Mortgage Settlement Obligations: Report”
  1. Victim 4000001 says:

    As far as Bank of America, I recently mailed a one inch Report Of Suspicious Documents to the OCC; one fake notarization as recent as March, 2013. The notaries name is not signed the same as she is commissioned – violation of Texas notary law. I tracked down the person who was alleged to have signed the affidavit as an employee of Bank of America, only to discover she is actually a school teacher in Texas and not working for Bank of America when the affidavit was allegedly executed.

    I can attest to the fact Bank of America’s criminal activity is still very much alive.

    • Victim 4000002 says:

      I am in the process of filing an OCC; however, I am struggling with the document. My lender is also BofA. Would you be willing to share your knowledge? I need to submit the OCC no later than next week.

  2. tim says:

    Whoever made that statement…..pompas. and arrogant greedy pigs…….these big bank CEO,s …they need to be dragged out in the streets….and given to the people they robbed.

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