After Mortgage Settlement, Banks Continued Abusive Practice, California Monitor Katherine Porter Says

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After Mortgage Settlement, Banks Continued Abusive Practice, California Monitor Katherine Porter Says

After Mortgage Settlement, Banks Continued Abusive Practice, California Monitor Katherine Porter Says

I’m 100% certain this is happening in your town across America.

HuffPO-

The five big banks that agreed in a $25 billion mortgage settlement to reform foreclosure practices have continued to “dual-track” homeowners, an abusive technique that pushes families out of homes they thought their bank was trying to help them save, according to a new report by a monitor overseeing the settlement in California.

The report, by Katherine Porter, a University of California-Davis law professor, is the first official look at the progress the banks have made in complying with the terms of the deal, reached in March after federal and state investigations. Bank of America, JPMorgan Chase, Citigroup, Wells Fargo and Ally Financial have until Wednesday to implement hundreds of “servicing” reforms mandated by the settlement, or face penalties of up to $1 million per occurrence. HuffPost recently reported that the settlement has yet to spur discernible change in bank behavior.

[HUFFINGTON POST]

[ipaper docId=108787942 access_key=key-j8orn6fdwwunkp97zo5 height=600 width=600 /]

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4 Responses to “After Mortgage Settlement, Banks Continued Abusive Practice, California Monitor Katherine Porter Says”

  1. Sarah says:

    Was the settlement intended to spur change in bank behavior? No, not really. It was a bailout for criminal behavior, now months later we hear of this deadline, but Banks have been doing the same thing they were doing before the AG “bailout.”

  2. Don Day Sr. says:

    I agree with Sarah, 1 point of contact? I have received letters and document requests from no less then 14 different BANA addresses? Halt dual tracking? MMMMMM I’m still waiting on decisions for a loan mod and have a foreclosure hearing on the 30th. I also have them on tape stating that they have 1) lost, 2) misplaced or 3) ignored documents and letters I have sent. Oh, lets not forget my infamous conversation with a BANA rep from Houston that confessed one service center don’t know what the other one is doing>….Settlement my ass…..the government got what ever money was fined….the banks went back to BUSINESS AS USUAL!!!!

  3. lies is all they tell says:

    check this out wells fargo bank na is forclosing on me also after a dual track. losing faxes and fed ex packages and after telling me not to pay my mortgage and refusing tha statement in writing. then i have wells fargo home mortgage that just denied me a modification that i never applied for. even my “lawyers paralegal” questioned me. asked if I sent financials to wells fargo? i paid to have my foreclosure defended why would i send them my financials? crazy stuff
    i figured it out everyone please comment. congress/pres could not repeal the mortgage intrest deduction so they planned to get as many people out of homes as possible. therefore getting as many people away from using the mortgage intrest deduction. now with more renters in us then homeowners. they dont have to repeal it.

  4. Joni Brit says:

    I have a question… Aren’t we dealing with security backed Titles in many cases? These are not mortgage backed securities, these securities belong to the house itself, they are Title backed Securities…or, securities backed by A Title, not a mortgage or Loan or Trust.

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