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.


Should CFPB have more supervision over credit agencies?