Banks Again Fail to Comply With Parts of Mortgage Settlement

December 4, 2013: Several of the largest US Banks (J.P. Morgan, Citigroup, and Wells Fargo) have failed to comply, once again, with parts of the $25 Billion dollar landmark mortgage settlement according to the monitoring agency. Bank of America failed to comply earlier this year.

In March 2012, the Federal Government and 49 state attorneys general, including Wisconsin’s Attorney General, agreed to settle certain foreclosure-processing abuses with J.P. Morgan, Citigroup, Wells Fargo, Bank of American and Ally Financial Inc. The settlement included a list of hundreds of new standards governing various aspects of the loan modification and foreclosure process. The five banks were required to pay approximately $5 billion in fines and to provide consumer relief, which was to include mortgage refinancing and principal write-downs, worth approximately $20 billion.

If you are facing the threat of foreclosure, Wynn at Law and Attorney Shannon E. Wynn are here to inform you of your rights and fight to keep you in your home.

Tags: foreclosure