Banks Put Linda Green Behind Them With $10 Billion Robosigning Settlement
From the Fed:
Ten mortgage servicing companies subject to enforcement actions for deficient practices in mortgage loan servicing and foreclosure processing have reached an agreement in principle with the Office of the Comptroller of the Currency (OCC) and the Federal Reserve Board to pay more than $8.5 billion in cash payments and other assistance to help borrowers.
The sum includes $3.3 billion in direct payments to eligible borrowers and $5.2 billion in other assistance, such as loan modifications and forgiveness of deficiency judgments. The payments involve mortgage servicers operating under enforcement actions issued in April 2011 by the OCC, the Federal Reserve, and the Office of Thrift Supervision. The agreement ensures that more than 3.8 million borrowers whose homes were in foreclosure in 2009 and 2010 with the participating servicers will receive cash compensation in a timely manner.
Eligible borrowers are expected to receive compensation ranging from hundreds of dollars up to $125,000, depending on the type of possible servicer error.
This agreement includes Aurora, Bank of America, Citibank, JPMorgan Chase, MetLife Bank, PNC, Sovereign, SunTrust, U.S. Bank, and Wells Fargo. For these participating servicers, fulfillment of the agreement would meet the requirements of the enforcement actions that mandated that the servicers retain independent consultants to conduct an Independent Foreclosure Review.
As a result of this agreement, the participating servicers would cease the Independent Foreclosure Review, which involved case-by-case reviews, and replace it with a broader framework allowing eligible borrowers to receive compensation significantly more quickly. The OCC and the Federal Reserve accepted this agreement because it provides the greatest benefit to consumers subject to unsafe and unsound mortgage servicing and foreclosure practices during the relevant period in a more timely manner than would have occurred under the review process. Eligible borrowers will receive compensation whether or not they filed a request for review form, and borrowers do not need to take further action to be eligible for compensation.
A payment agent will be appointed to administer payments to borrowers on behalf of the servicers. Eligible borrowers are expected to be contacted by the payment agent by the end of March with payment details. Borrowers will not be required to execute a waiver of any legal claims they may have against their servicer as a condition for receiving payment. In addition, the servicers’ internal complaint process will remain available to borrowers.
The agencies continue to work to reach similar agreements in principle with other servicers that are not parties to the agreement announced today, but that are also subject to enforcement actions for deficient practices in mortgage loan servicing and foreclosure processing.
OCC and Federal Reserve examiners are continuing to closely monitor the servicers’ implementation of plans required by the enforcement actions issued in April 2011 to correct the unsafe and unsound mortgage servicing and foreclosure practices.
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The signatures below have now been “indemnified”:
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I JUST WISH EVERYONE WOULD JUST WAKE THE f UP
Washington state judges hold the homeowners hostage to modifications due to the judges are corrupt. and the lawyers can not get due process, so to save their clients they do short sales and mod. Due to lack of rule of law in Washington state. Homeowners are hostage here in thsi state doing loan mods and short sales under duress. Or face loosing their homes. Due to judges like Pechman in King county and Dixon in Thurston County and I am sure every judge in Washington due to the lack of any what so ever case law set in Washington, except the Washington Supeme Court that left us in liimbo due to the judges in the lower courts blatantly ignore the rule of law including the Bains V MERS caseen banc and the WA V RECONTRUST consent order, Washington people are held hostage by crime scenes inour court rooms. The banks ongoing using lies and fraud statements and documents to steal houses.
see this Blatant ongoing fraud closer crime? http://stopforeclosurefraud.com/2013/01/06/full-deposition-of-northwest-trustee-services-yvonne-mcelligott/
http://stopforeclosurefraud.com/2013/01/06/full-deposition-of-northwest-trustee-services-jeff-stenman/
I got my MOD after 4 years of going 5 and half months before my servicer denied me. we are definitely looking fro something. I returned my IFR form immediately and have waited patiencely. Now the time is here. The monires better not be “hundreds” and should be the “thousand”. just the difference I paid in my monthly mortgage would be nice to have returned. remember, we appiled and was dinied in 2009. then was approved february 2012. Give me that difference and fix my credit report and i will be done with the whole lot. please folks have faith. the way we were treated when this first went down is a “shame”. FIX US!!!!
This does not affect the law suit you have against the illegal one claiming you owe them money on your house. Sometimes its more than one.
Heck, I’m very surprised there are not hundreds sending out notices that they are the right ones you should be paying. To see how many of ya’ll are paying a false company, it must be pretty lucrative. If they are caught, they just go out of business and another one will send the same notice. Wonder if they are the same folks with a different company name and address?
Not a one goes to jail. What a business!
When will America catch on and stop this????
IT’S JUST TIME TO EXPOSE ALL THE CORRUPT ACCOMPLICES & CONSPIRATORS BY PUTTING THEM ON NATIONAL PUBLIC NOTICE & THE PEOPLE GO BACK TO RECLAIM THEIR HOMES in 2013.
“DON’T WAIT ANYMORE, LET’S RISE UP AND MARCH TO RECLAIM OUR JUSTICE”
THERE’S NO LEGAL JURISDICTION IN ROBO-SIGNED DOCUMENTS, AND BROKEN DEED OF TRUST CONTRACTS.
“ALL COURT LAWS DEAL WITH CONTRACTS.” YOU NEVER SIGNED any CONTRACT with a 3rd Party BaNK
SO go VIDEO TAPE & AND BLAST IT ON YOU-TUBE!
YOUR CITY & STATE.
Then ALL their NAMES the 3rd party BANKS, TRUSTEE, MERS, RECONTRUST, COUNTY RECORDERS, THE COURTS, THE JUDGES, ATTONEYS, POLICE, SHERIFF, DA’S who ALL CONSPIRED WITH THESE ENTITIES TO ALLOW THE CORPORATIONS TO STEAL FROM THE PEOPLE instead of DOING THE RIGHT THING PROTECTING the people.
MAKE THEM RETIRE & STEP DOWN
NOW IT BECOMES AND OBSTRUCTION OF JUSTICE FROM ALL LEVELS…
“THE TRUE SUBPRIME BANK WAS THE ONLY BANK on your Deed of Trust WITH ALL THE RIGHT TO FORECLOSE;”
BUT THEY ALL WENT OUT OF BUSINESS QUICKLY AFTER THEY SOLD THE MORTGAGES TO WALL STREET and YOUR NOTE BECAME A SECURITIZED STOCK CERTIFICATE ASSET CERTIFICATE for THE TRUST which had already CLOSED after they SOLD IT was UNENFORCEABLE and INVALID and a DEFECTIVE INSTRUMENT.
YOU can’t bring a dead SUBPRIME bank back to LIFE to CLAIM a DEBT because the statue of limitations are up to collect a debt, and under the FDCPA you would have to verify the DEBT.
ALSO ONCE YOUR SUBPRIME BANK HAD FILED BANKRUPT Chapter 11 then the ASSET WAS CLEARLY WRITTEN OFF, and that’s why there WAS NEVER ANY CHAIN of ASSIGNMENTS.
THAT’S WHY THE 3rd PARTIES AND ALL THEIR ACCOMPLICES ROBO-SIGNED…
THEY ALL BROKE THE LAWS! AND STOLE OUR HOMES, AND THE COURTS DENIED DUE PROCESS & LET THESE CORPORATIONS STEAL YOUR HOMES.
“ONLY A FLESH & BLOOD CAN CLAIM A PROPERTY: AND A CORPORATION HAVE NEVER HAD ANYONE WHO’S A FLESH & BLOOD COME INTO THAT COURT ROOM TO LAY CLAIM TO YOUR PROPERTY BECA– USE IT’S FICTION.
THEY HAVE NO ONE…
THAT LAWYER OR ATTORNEY CAN’T CLAIM YOUR HOME, BECA– USE IT HAS TO BE A REAL PERSON OF INTEREST & NO CORPORATION HAS A REAL PERSON OF INTEREST TO CLAIM YOUR HOME. “THAT’S THE DECEPTION!”
ALL THESE 3rd PARTY banks that were ALREADY BAILED OUT by the 2008 TARP are CLEARLY DOUBLE DIPPING & STEALING.
IT’S TIME TO TAKE A STAND, WERE NOT THE SHEEP ANYMORE…
eligible home owners lol…..more hog wash. Who is in control of determining eligible?
I Will Believe This When I See it….Has there Been One case Shown In the News Media or Any where Else For that matter, Where The Home owner Has been helped, By Any of The programs??? One??
Sorry guys, more smoke screen! The Independent Foreclosure Review was a sham and this ain’t gonna fix it either. We just keep having more and more smoke screens followed by ‘drink more koolaid’ hoping that everybody will shut up! Do not waiver! Do not give in! Don not give up! And as far as any borrower getting any $$$$, well, when pigs fly!