Regulators, mortgage servicers agree on reforms
Three federal regulators reached agreements with the nation’s largest mortgage servicers on Wednesday that aim to stem shoddy foreclosure practices. But the plans do not impose financial penalties on these banks or recommend the kinds of loan modifications that consumer advocates and other regulators are pushing for.
The agreements call on the banks to identify and compensate borrowers who suffered financial harm, though the details of how to do that are yet to be decided. The agencies also are requiring banks to provide a single point of contact for struggling borrowers who are trying to modify their loans and to stop pursuing foreclosures on mortgages that have been approved for modification.
“These reforms will not only fix the problems we found in foreclosure processing, but will also correct failures in governance and the loan modification process and address financial harm to borrowers,” acting Comptroller of the Currency John Walsh said in a statement.
Check out the rest here…
More to come as I find it…
Consent orders below…
We are on our own again so keep up the fight.
- Interagency Review of Foreclosure Policies and Practices (461 KB PDF)
- Consent Order for Bank of America Corp. (34 KB PDF)
- Consent Order for Citigroup Inc. and CitiFinancial Credit Co. (28 KB PDF)
- Consent Order for Ally Financial, Inc., ResCap, GMAC Mortgage, and Ally Bank (87 KB PDF)
- Consent Order for HSBC North America Holdings, Inc. and HSBC Finance Corp. (76 KB PDF)
- Consent Order for JPMorgan Chase & Co. and EMC Mtge. (39 KB PDF)
- Consent Order for MetLife, Inc. (25 KB PDF)
- Consent Order for PNC Financial Svs. Group, Inc. (25 KB PDF)
- Consent Order for SunTrust Banks, Inc., SunTrust Bank, and SunTrust Mortgage (76 KB PDF)
- Consent Order for U.S. Bancorp (25 KB PDF)
- Consent Order for Wells Fargo & Co. (25 KB PDF)
- Consent Order for LPS (47 KB PDF)
- Consent Order for MERS (48 KB PDF)
Since I haven’t read the article on “The race to erase recording mistakes” I hopefully thought it could mean “put the properties back in true owners name”
@Marilyn Lane, I think they are all up to something really sneaky. They always are. This website won’t even let you in without paying for a subscription. I just think it has come to the point that there is soo much corruption that they are all trying to cover each others asses and lying, lying and lying about everything. It looks like everyone is in on the cover-up. Even the lawyers who are supposed to be on our side, I have caught them LYING AND TRYING TO COVER UP THE TRUTH. My county recorders office told me a few months ago that I should have all of my i’s dotted and my t’s crossed BEFORE I go and talk to a lawyer. HA! Even the title companies, the real estate corps were in on this scam How else can fraudclosed on properties be called REO’s? Even the Major News Networks are in on the selling of FRAUDCLOSURES. MSNBC FOR ONE. This is a gigantic conspiracy and the MULTINATIONAL CRIMINAL ENTERPRISE HAVE HIJACKED EVERYTHING IN AMERICA. It is sick. They make me want to hurl on all of them.
Just read Wells Fargo’s Crap… and that’s just what it is CRAP! All stuff previously REQUIRED BY LAW to be done… yet was not, so now the Govt. HAS to step in and tell them how to organize their business. Where’s the PERP WALK!!! Any one of us individual citizens who would have even remotely engaged in the kind of out right lying, fraud and deceit these shysters (read cokeheads) have been doing for years, we would have jail sentences for the rest of out lives.
You know, a part of me wants to apologize for feeling this way… until I realize that it’s the part of me that was trained by Corporate America to think that Corporate America is always right… and they aren’t. So to bad, to sad, I wanna see ya all hang in hell. And that’s my right. I’m an American who believes America does stand for something decent and right and whereas shovelin coke and doin whores might be a gas, when ya start kickin decent living people out of their houses to fund your vices… I’d go on, but I don’t want it in print!
Maybe a little light at the end of the tunnel. This was in the New York Law Journal . But since I don’t have a subscription I can only see the headline
Real Estate Trends
Wednesday, April 13, 2011
The Race to Erase Recording Mistakes
Wednesday, April 13, 2011
By Adam Leitman Bailey and Jackie Halpern Weinstein
Adam Leitman Bailey and Jackie Halpern Weinstein of Adam Leitman Bailey, P.C. write: Beneath the public debacle of the robo-signing controversy exists another old timer in the world of recording: property transfer mistakes. The use of modern technology could eliminate most of these human caused problems, and a relatively minor investment of governmental funds could pay back enormous gains in modernizing the system
This “fix” for the system is really not needed. This system was never broken or outdated. It was put in place to protect our property rights and secure the lenders collateral lien. The mortgage fraud was not done by accident or human error. It was intentional to cover up for the Ponzi Scheme and the Origination Fraud committed by Fannie/Freddie. Now that they GAMED the so called “outdated” system to their full advantage and made trillions from it, they want to blame the system, and “fix it” with computers and KILL MORE JOBS. They also want to get rid of the GSE’s who perped the whole PONZI SCHEME. They are so freaking deceptive they make me want to hurl., After they “fix” this, when people will go to buy a home all they will have is MERS to protect their property rights and there will be no proof of transactions in the name of homeowners and no clean chain of title for the homeowners or need for the criminals to prove they own the debt ever again. Same goes for the seller of the home. That is just beautiful for the sheisters. Not so beautiful for the purchaser or seller. It is all completely and incredibley deceptive and an absurdity to say the least. This is the same thing they want to do with our U.S. CONSTITUTION AND BILL OF RIGHTS by saying that to is too old and outdated. Our forefathers had their number and our backs over 200 years ago and they also had it right the first time. Same thing goes for the protection of our Property Rights. Our forefathers had that right, too and those laws date back all the way to the Magna Carta, The only thing that I see broken that needs to be fixed is the DEMOCRAT/REPUBLICAN PARADIGM. THAT NEEDS TO CHANGE. THEY ARE ALL COMPLETELY CORRUPTED. TIME TO VOTE OUTSIDE OF THE BOX IN 2012 AND DO NOT VOTE FOR ANY OF THE REPUBLICAN/DEMOCRAT MACHINE POLITICIANS…They are all really destroying our nation.
GIVE THE STOLEN HOMES BACK TO PEOPLE! RESCIND OUR FAKE MORTGAGE LOANS. THEY NEVER EXISTED BECA– USE OF THE PONZI SCHEME WE THE PEOPLE WERE DUPED INTO PARTICIPATING IN. THE MORTGAGE LOANS ARE A SHAM AND A FRAUD. THE ORIGINATION FRAUD IN OUR TITLES AND PUBLIC RECORDINGS AT THE COUNTY RECORDER OF DEEDS OFFICES PROVE THIS IS TRUE. WE THE PEOPLE DO NOT AND NEVER DID OWE ANYBODY ANY MONEY. DEATH TO THE FASCIST TYRANNY!!!! GOD BLESS AMERICA!!!!