Who will break the National Bank Settlement rules first?
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Do you think the Homeowner Bill of Rights will definitively improve the California real estate market?
- No. (50%, 7 Votes)
- Yes. (29%, 4 Votes)
- Only modestly. (21%, 3 Votes)
Total Voters: 14
The National Mortgage Settlement monitor, Joseph A. Smith, is beginning to exercise his powers by implementing new rules over the Big Banks included in the $25 billion settlement. These banks include Bank of America, JPMorgan Chase, Wells Fargo, Ally Financial and Citigroup.
Having failed to previously adhere to many of the standards, 300 new rules for servicers will go into effect next month, including:
- providing a single point of contact for homeowners seeking a loan modification;
- no more than 30 days for banks to review a loan modification application; and
- prohibiting dual-tracking, pursuing foreclosure while a modification is pending.
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loading...About The Author
Carrie B. Reyes
is lead writer in charge of the Real Estate Practice and Due Diligence and Disclosures books.
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