Mortgage servicers foreclosing in Lynn, Mass. face hard-hitting ordinance
Servicers foreclosing on homes in Lynn, Mass., are up against what some city officials call the toughest foreclosure protection ordinance in the state.
John O’Brien, register of deeds for the Massachusetts Southern Essex District, released a statement announcing the City of Lynn’s implementation of a local Homeowner Bill of Rights.
A new ordinance passed in the city forces lenders to comply with a pre-foreclosure mediation mandate and requires a $10,000 cash bond to be made at the start of each foreclosure.
In addition, the city ordinance stipulates that banks must allow former homeowners to pay a reasonable rent to stay in the home until a new owner-occupant acquires the property post-foreclosure.
Wells Fargo halts home foreclosure of Etienne Syldor, man who paid early
ORLANDO, Fla. —
Etienne Syldor, the hardworking father and Walt Disney World bus driver who found himself in foreclosure received good news Wednesday.
His attorney said after Channel 9’s story aired, she heard from Wells Fargo and said the bank had not only halted foreclosure, but restored his mortgage and even lowered his interest rate and monthly payments.
Bank of America, Wells, Chase fail portion of mortgage settlement test
In line with consumer complaints, Bank of America Corp. and Wells Fargo & Co. each failed to satisfy parts of the national mortgage settlement through the first quarter of this year, according to a scorecard released today by the settlement’s monitor, Joseph Smith.
BofA and Wells, two of the largest banks in Northeast Florida, are among the five largest mortgage servicers in the U.S. The group agreed to the $26 billion settlement with state attorneys general and federal regulators last year.
National Mortgage Settlement Review Prompts Dual-Tracking Discussions With Banks
State and federal regulators are weighing whether to impose additional restrictions on the mortgage practices of five of the nation’s largest banks after numerous complaints of harm to borrowers.
A group of state attorneys general and the U.S. Department of Housing and Urban Development have had advanced discussions with at least two big banks about further restricting so-called dual-tracking, officials said — the process of simultaneously pursuing home seizures while considering borrowers’ applications for alternatives such as loan modifications.
The discussions are the result of complaints related to provisions in last year’s multi-state mortgage robo-signing settlement between dozens of government agencies and Bank of America, JPMorgan Chase, Wells Fargo, Citigroup and Ally Financial (formerly known as GMAC). The settlement has delivered tens of billions of dollars in mortgage aid to distressed borrowers, and had promised to reform how companies treat homeowners and pursue foreclosures.
Ruling throws into uncertainty RI foreclosures
PROVIDENCE, R.I. (AP) — A federal appeals court threw more than 700 Rhode Island foreclosure cases into uncertainty by concluding that there are problems with how a judge set up a program designed to force homeowners and banks into mediation.
The 1st U.S. Circuit Court of Appeals said U.S. District Judge John McConnell did not follow the proper procedures when he instituted his unique order governing foreclosures. A lawyer who represents hundreds of families suing to stop from being foreclosed upon says he fears the appeals court is jeopardizing a program that is helping people.
A Regulator With Bark: The Regulator Who’s Not Afraid of Wall Street
Two years ago, the New York State Department of Financial Servicesdidn’t exist. Today, it’s becoming Wall Street’s most feared enemy.
The tiny, state-run agency, which was created in late 2011, isn’t supposed to be any more powerful than any other Wall Street regulator. It doesn’t have the resources of the Securities and Exchange Commission or the prosecutorial power of the Justice Department. But Benjamin Lawsky, a tough-talking former terrorism prosecutor who became the agency’s first head, has turned the New York DFS into a fraud-fighting machine, one that doles out real punishment to the firms it goes after.
Today, Lawsky has gotten a scalp from the financial services unit of the accounting megafirm Deloitte, which agreed to pay a $10 million fine and be banned from consulting with any New York-regulated banks for a year for helping Standard Chartered, a British bank, conceal evidence of money-laundering arrangements with the Iranian government. Per the Cuomo administration’s press release, Deloitte FAS will also have to “implement a set of reforms designed to help address conflicts of interest in the consulting industry.”
In an absolute bombshell filing in federal court, sworn affidavits describe an intentional strategy on the part of Bank of America to systematically lie to struggling homeowners right up to the point of foreclosure. Chris Hayes details the revelations with the All In panel.