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.
HW-
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.