US Bank sets aside $130 million for potential mortgage servicing settlement

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US Bank sets aside $130 million for potential mortgage servicing settlement

US Bank sets aside $130 million for potential mortgage servicing settlement

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U.S. Bank ($33.09 0.065%) is in talks with the Justice Department and state attorneys general to sign onto the $25 billion mortgage servicing settlement struck in March.

The bank services roughly $207.4 billion in mortgages, including loans guaranteed by the Federal Housing Administration, Fannie Mae and Freddie Mac. It is one of the 10 largest servicers in the country.

U.S. Bank set aside $130 million for fines paid under the larger settlement between the government and the five largest firms – if it chooses to. Other servicing executives have said the settlement will spread.

“The company has not agreed to any settlement at this point, however, if a settlement were reached it would likely include an agreement to comply with specified servicing standards, and settlement payments to governmental authorities as well as a monetary commitment that could be satisfied under various loan modification programs,” the bank said in its filing.

[HOUSING WIRE]

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One Response to “US Bank sets aside $130 million for potential mortgage servicing settlement”

  1. Jaime Lopez says:

    I read all this information but I never read anything regarding Downey Savings and Loans. I get it they shut their doors and ran away. They were the theives that stole my home, but to much time went by and now they are in their homes quitly just watching and glad nothing became of their criminal act.
    Our family paid for 14 yrs 7% fixed ,no late pays, credit scores 780+, we bought a 5 bedroom home for 189k it went up 910 k, we took a loan out for a pool. They didnt tell us the payment just said it would not go up much…by the time we knew it our house payment more than doubled, they would not do a mod even though we were working with hope.gov, we were in bankrupsy, my forclosure paperwork list Downey when they were already shut down, wrong adress listed, wrong dates, I called about the Obama 26B program again sorry your not on our list, I wrote to the White house, The AG of Ca, sorry cant help you to late, interesting how the crooks of Downey got away with this yet still own their homes. Jaime

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