- Wednesday, May 08, 2013
On May 7, 2013, Massachusetts Attorney General Martha Coakley complained that lenders Bank of America, Wells Fargo, Citibank, Ally Financial, and JP Morgan Chase, violated the mortgage settlement agreement. The complaint was that the lenders are failing to offer help in a timely fashion, are sending borrowers inaccurate and confusing information, and have been denying them relief without specifying why.
The $25 billion national mortgage settlement agreement was reached back in 2011, and was intended to prevent homeowners from losing their homes to foreclosures due to abuses by the lenders. The settlement was meant to help stem foreclosures by offering financial assistance and improved loan servicing for consumers. Joseph A. Smith, Jr., who is in charge of overseeing compliance with the national mortgage accord, said he believes the lenders can do better and intends to use his enforcement powers from the settlement to ensure compliance. Read the full article here
Contributed by Laura Martin