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Illnois, North Carolina AGs lay out complaints against banks not complying to the foreclosure settlement

Illnois, North Carolina AGs lay out complaints against banks not complying to the foreclosure settlement

North Carolina Attorney General Roy Cooper told reporters Tuesday that some banks “have fallen short” of complying with the deal but declined to name names.

Illinois Attorney General Lisa Madigan said Tuesday that her office found that in 60 percent of the loan modification files they surveyed, servicers failed to notify borrowers of missing documents in their applications within five days. In 45 percent of the files reviewed, banks made multiple requests for the same documents in violation of the servicing standards.

“The new servicing standards were supposed to eliminate headaches for homeowners,” Madigan said in a statement. “But unfortunately, it seems we’re hearing about the same frustrating experiences. Homeowners are. . . experiencing continued delays that put them closer to foreclosure.”

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