Some banks lagging in mortgage relief obligations

by Adam Smith21 Oct 2013

Banks have nearly completed their consumer relief obligations under the National Mortgage Settlement, though some have far outpaced others.

A report from Settlement Monitor Joseph Smith shows that several of the nation's largest banks have nearly completed their consumer relief and refinancing efforts under the Settlement. Smith said lenders had made "significant progress" toward settling their consumer relief obligations. Smith said the efforts had given borrowers across the nation "much needed relief".

"Since the beginning of this year, each bank has asserted to me that it has satisfied its consumer relief and refinancing obligations. My colleagues and I are now reviewing that work and will submit final reports to the Court when and if I determine that a bank’s credited relief meets its obligations. I expect to make these final credit determinations in the coming months," Smith said.

But not all banks have made equal progress, with some lagging significantly behind others. Smith said the banks' progress varied from "nearly halfway to beyond fully complete".

"For other credited consumer relief, Bank of America is
97%, Chase is 76%, Citi is 46% and Wells Fargo is 55% complete," he said.

COMMENTS

  • by Cheryl M | 10/21/2013 5:53:35 AM

    those numbers are inflated...maybe not so much for JP but definately Wells

  • by douglas seiler | 10/21/2013 10:41:40 AM

    Since the beginning of this year, each bank has asserted to me that it has satisfied its consumer relief and refinancing obligations. AND SINCE THE BEGINNING OF THE year, BofA had x employees testify that they were told to lie to HAMP applicants and to throw files away. Chase has been sued by the Feds for lying on billions of $ of mortgages they sold and Wells has been rated as the worst possible company to try and get a mortgage mod with. Yes Mr. Smith this is "significant progress ", and I am certain you do not have a mortgage mod in process.

  • by Gina Botelho | 10/21/2013 5:42:47 PM

    Wow if those numbers are correct they completely missed everyone in Hawaii I have people knocking down my door because they can't get any help from their lenders and oh yes most of them are WFB & BOFA.....In my opinion a bold face lie......but thats just par for the course.....I am sure hoping that these big settlements from court will somehow help the borrowers. They have been left in the dust.

Poll

Is TILA-RESPA a good or bad thing long term?