Three of the five big banks who settled charges of mortgage lending abuse have failed to live up to their settlement commitments.
Who’s surprised that Bank of America, JPMorgan Chase and Citigroup were each found wanting by the watchdog appointed to monitor their compliance?
Monitor Joseph Smith reported that these banks flunked 7 of the 29 requirements of the National Mortgage Settlement in the first half of 2013.
Interesting also that these results weren’t released until December, 2013.
The settlement monitor takes individual complaints about mortgage servicing by the banks party to the settlement. More about filing a complaint.
The California Attorney General has appointed a settlement monitor for Californians. The California Monitor however reports that the five banks subject to the settlement have given out all the relief they were required to provide under the agreement. Other programs and options may be available.
Contact your loan servicer or a HUD certified housing counselor in California.
Image courtesy of Flickr and Nickogibson.