California AG says mortgage servicers slow to adopt settlement changes


California AG says mortgage servicers slow to adopt settlement changes

California AG says mortgage servicers slow to adopt settlement changes

If any of these AG’s thought the settlement was going to make it right, boy are they delusional. There is a settlement happening at least every day with banks.

This is important on the other-hand because if California is saying this, I bet all states are feeling the same way.


The California monitor of the $25 billion national mortgage servicing settlement received roughly 1,100 complaints in the last month from borrowers reporting a slow uptake to the new rules, according to an official in the state attorney general office.

California AG Kamala Harris appointed Katie Porter in March to oversee how the five largest servicers distribute $18 billion in homeowner relief and implement new standards under the settlement. Consent orders from federal regulators in April 2011 contained many of the same rules.

Bank of America ($7.93 0.06%), JPMorgan Chase ($37.10 0.03%), Wells Fargo ($34.13 0.16%), Citigroup ($28.82 0.08%), and Ally Financial agreed to end the practice of foreclosing on borrowers who are being considered for a modification, known as dual tracking. The settlement also required servicers to establish a single point of contact for distressed borrowers, new oversight to end mishandled paperwork and the signing of documents en masse without a review of the loan file among other abuses.


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3 Responses to “California AG says mortgage servicers slow to adopt settlement changes”

  1. slamtheshysters says:

    right – and you questioned “if” they were delusional – of course there are! And…here’s a really Good one any of you thinking the CA Bill of Rights with it’s language has any teeth – come on. what a joke!

  2. Charles Reed says:

    Are these settlement just on paper or have the actual help anyone? In 2008 Bank of America settled part of the Countrywide subprime illegal practice for $8 billion with 11 States but who was helped.

    I don’t think this State Attorney Gen is playing as she is going after these bank to do the right thing. Ms Harris I believe is exploring the eminent domain option and I believe that if all state take this approach these lender would come on board or be left out.

    California should start with the FHA & VA loan that are foreclose and ask for all the Notes of these loan placed into Ginnie Mae pools which is going to be about 95% of the two loan type produce, and America would fine out the real reason this crisis is carrying on so long and that is the Federal Government is one of the main participants in the illegal foreclosure because Ginnie Mae cannot hold title as a “holder in due course” as they cannot purchase a loan so the Notes that were freely handed over to them was done without them obtaining the debt of the loan.

    The State of Washington has gotten it right and what it going to come down to is that all the loans in these Ginnie Mae pools are not foreclosed by Ginnie Mae but by some servicer claiming that they have the Notes when in fact the Federal Government knows that they “Ginnie Mae” is suppose to be in possession the Blank Notes making it impossible for anybody else to be in possession of, because once the Black Note is endorse and relinquish to Ginnie Mae the Note is forever non-negotiable because it is forever Blank.

    Understand that Blank cannot go to the court house and provide any proof that they purchase the Note because the Note is Blank! The fact is that Blank does not purchase the Note and the big question is who is Blank? So Blank who is Blank go to court and attaches a lien against the property for what amount? There is zero dollars owed to Ginnie Mae period, so having a Blank Note means ZERO as ZERO is owed or due, so debt cannot be called due because ZERO is due.

  3. Ken Hansen says:

    “You guys are slow” Hey, that’s better than my AG. He’s “gettin’ tough” on small time crooks, and anyone else the state can criminalize, poor, desperate and otherwise vulnerable.
    But if you’re a Bank or Corporation, hey, do as you please, we’re open for business! Go USA!


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