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Statement From A.G. Schneiderman Regarding The National Mortgage Settlement Monitor’s Finding That Wells Fargo Failed To Comply With Timeline Servicing Standards
June 19, 2013 Posted by New York RealEstateRama
NEW YORK, NY – June 19, 2013 – (RealEstateRama) — National Mortgage Settlement Monitor Joseph A. Smith, Jr. today released a progress report evaluating the compliance of Ally Financial/GMAC, Bank of America, Citi, JP Morgan Chase and Wells Fargo with the mortgage Servicing Standards mandated by the National Mortgage Settlement. The Monitor made findings against several of the servicers, including finding that Wells Fargo failed to comply with the Servicing Standard governing the timeline for notifying borrowers of deficiencies in applications for mortgage modifications.
Using Eminent Domain to Address Underwater Mortgage Debt
June 11, 2013 Posted by New York RealEstateRama
NEW YORK, NY – June 11, 2013 – (RealEstateRama) — With more than 11 million homes still “underwater,” the mortgage debt overhang caused by the housing bubble remains an impediment to economic growth and a burden on communities across the country. One possible solution to this problem is for state and municipal governments to use their eminent domain authority to purchase and restructure underwater mortgages. This novel solution is proposed in a new report from the Federal Reserve Bank of New York
A.G. Schneiderman Sues HSBC For Holding Hundreds Of Struggling Homeowners In Legal Limbo
June 5, 2013 Posted by New York RealEstateRama
BUFFALO – June 5, 2013 – (RealEstateRama) — Attorney General Eric T. Schneiderman today filed a lawsuit against HSBC Bank USA and HSBC Mortgage Corporation (USA) for failing to follow state law related to foreclosure actions, putting homeowners at greater risk of losing their homes. Under state law, residential mortgage lenders, servicers and their agents who sue to foreclose on a homeowner are required to file a “Request for Judicial Intervention” (RJI) when they file their proof of service with the county clerk. The process mandates that the lender then attend a settlement conference within 60 days. The purpose of this court-supervised conference is to provide an opportunity for borrowers to negotiate alternatives to foreclosure, including loan modifications that make mortgage payments more affordable, with the intent that they avoid losing their homes.
A.G. Schneiderman To Sue Wells Fargo & Bank Of America For Violating National Mortgage Settlement
May 7, 2013 Posted by New York RealEstateRama
NEW YORK, NY – May 7, 2013 – (RealEstateRama) — Attorney General Eric T. Schneiderman today announced his intention to sue Bank of America and Wells Fargo for repeatedly violating the terms of the National Mortgage Settlement. Signed in 2012, the Settlement required the five largest mortgage servicing banks in the United States to improve their customer service practices by complying with new mortgage servicing rules, known as the Servicing Standards. Among these are four standards dictating the timeline for banks to process mortgage modification applications. Attorney General Schneiderman’s office has documented 339 violations of those standards by Wells Fargo and Bank of America since October 2012
Governor Cuomo Announces New Program to Protect Sandy Victims from Large Spikes in their Mortgage Payments
May 2, 2013 Posted by New York RealEstateRama
Albany, NY – May 2, 2013 – (RealEstateRama) — Governor Andrew M. Cuomo today announced that Fannie Mae and Freddie Mac – in response to a request from the Cuomo Administration – are unveiling a new mortgage relief program to protect victims of Superstorm Sandy from large spikes in their mortgage payments
Statement By A.G. Schneiderman On The Nomination Of Mel Watt To Head The Federal Housing Finance Agency
May 1, 2013 Posted by New York RealEstateRama
NEW YORK, NY – May 1, 2013 – (RealEstateRama) — Attorney General Eric T. Schneiderman today applauded President Obama for nominating Mel Watt as the permanent head of Federal Housing and Finance Agency (FHFA), the agency that oversees Fannie Mae and Freddie Mac, but called on him to take immediate action to replace acting FHFA Director Edward DeMarco with a new acting director who will allow principal relief for struggling homeowners
MORTGAGE BROKER PLEADS GUILTY IN TWO SEPARATE FRAUD SCHEMES RESULTING IN LOSSES OF OVER $2 MILLION
April 26, 2013 Posted by New York RealEstateRama
Greenbelt, Maryland – April 26, 2013 – (RealEstateRama) — Emeka Udeze, age 38, of Bowie, Maryland, pleaded guilty today to conspiring to commit wire fraud in connection with two separate mortgage fraud schemes which resulted in over $2,013,478 of actual losses to mortgage lenders.
Cuomo Administration Demands Fannie Mae and Freddie Mac Change Restrictive Guidelines That Could Hit Sandy Victims With Large Spikes in Their Mortgage Payments
April 9, 2013 Posted by New York RealEstateRama
Albany, NY – April 9, 2013 – (RealEstateRama) — Governor Andrew M. Cuomo today announced that his Administration is demanding that Fannie Mae and Freddie Mac change restrictive guidelines which could hit thousands of Superstorm Sandy victims with large spikes in their mortgage payments. Fannie and Freddie’s current policies could result in a typical family being forced to make an immediate balloon mortgage payment of more than $6,000 or see a monthly payment spike of more than $500 or 50 percent.
Maloney urges faster checks to homeowners, monthly updates on mortgage settlements in letter to regulators
April 8, 2013 Posted by New York RealEstateRama
WASHINGTON, D.C. – April 8, 2013 – (RealEstateRama) — Rep. Carolyn Maloney (D-NY), senior member of the House Financial Services committee and Ranking Member of its Capital Markets Subcommittee, today wrote the Comptroller of the Currency and the Chairman of the Federal Reserve following a recently released GAO report on the Independent Foreclosure Review (IFR) process and the regulators’ disclosure in late March that it would be an additional four to eight weeks before these borrowers receive payments under the IFR settlement with major banks announced in January.
Op-Ed: Housing Agency Needs New Leader
April 3, 2013 Posted by New York RealEstateRama
New York, NY – April 3, 2013 – (RealEstateRama) — Last week, we joined seven other state attorneys generals in calling on President Barack Obama to replace Edward DeMarco, the acting director of the Federal Housing Finance Agency, which oversees Fannie Mae and Freddie Mac. We don’t have anything against DeMarco personally, but we believe that he is standing in the way of progress toward a full economic recovery and hurting families across the country. It is time for new leadership and a new direction at Fannie and Freddie
A.G. Schneiderman Op-Ed: Homeowners Need New Leadership Over Fannie Mae And Freddie Mac
April 3, 2013 Posted by New York RealEstateRama
NEW YORK, NY – April 3, 2013 – (RealEstateRama) — New York Attorney General Eric T. Schneiderman today published an op-ed in Politico calling on President Obama to replace Edward DeMarco, the acting Director of the Federal Housing Finance Agency, which oversees mortgage institutions Fannie Mae and Freddie Mac. Co-authored by Massachusetts Attorney General Martha Coakley, the op-ed notes that Acting Director DeMarco’s refusal to provide relief to struggling homeowners stands in the way of progress toward a full economic recovery, hurting families nationwide. The following are excerpts of the article
A.G. Schneiderman: Hundreds Of Long Island Homeowners Helped By Our Assistance Programs
March 6, 2013 Posted by New York RealEstateRama
MINEOLA – March 6, 2013 – (RealEstateRama) — At a news conference today in Nassau County, Attorney General Eric T. Schneiderman announced the results of two key programs aimed at providing New Yorkers the assistance they need to keep their homes. He was joined at the event by two homeowners who received assistance from the programs. Through the Attorney General’s Homeowner Protection Program (HOPP), a $60 million initiative to support housing counselors and legal services providers working with homeowners at risk of foreclosure across the State of New York, 688 at-risk homeowners on Long Island received foreclosure counseling and legal representation in the program’s first three months
GOVERNOR CUOMO ANNOUNCES REVIEW OF BANKS’ POST SANDY MORTGAGE PRACTICES
March 6, 2013 Posted by New York RealEstateRama
New York, NY – March 6, 2013 – (RealEstateRama) — Governor Andrew M. Cuomo today announced that the Department of Financial Services is initiating a review of practices by banks and mortgage servicers to determine whether homeowners hit hard by Superstorm Sandy and allowed to forgo mortgage payments are now being unfairly burdened by being required to make up all past payments in immediate lump sum repayments. The Department is asking banks to allow more time for homeowners to make back payments and checking if banks have delivered on their promise not to use late payments to start foreclosure proceedings or hurt homeowners’ credit ratings
Governor Cuomo Announces Review of Banks’ Post Sandy Mortgage Practices
March 6, 2013 Posted by New York RealEstateRama
Albany, NY – March 6, 2013 – (RealEstateRama) — Governor Andrew M. Cuomo today announced that the Department of Financial Services is initiating a review of practices by banks and mortgage servicers to determine whether homeowners hit hard by Superstorm Sandy and allowed to forgo mortgage payments are now being unfairly burdened by being required to make up all past payments in immediate lump sum repayments. The Department is asking banks to allow more time for homeowners to make back payments and checking if banks have delivered on their promise not to use late payments to start foreclosure proceedings or hurt homeowners’ credit ratings
SCHUMER: WITH INITIAL FEMA AND INSURANCE PAYMENTS TO HOMEOWNERS RUNNING OUT, THOUSANDS OF SANDY VICTIMS FACING POTENTIAL FORECLOSURES AND LATE FEES ON MORTGAGE PAYMENTS– SCHUMER CALLS ON BANKS TO EXTEND “PAYMENT DELAY PERIODS” AND PROVIDE FLEXIBLE PAYBACK PLANS
March 4, 2013 Posted by New York RealEstateRama
New York, NY – March 4, 2013 – (RealEstateRama) — U.S. Senator Charles E. Schumer today called on banks to extend the mortgage payment delay period, also known as a forbearance period, for homeowners who are still feeling the effects of Sandy. After Sandy, many banks issued 3 – 6 month mortgage payment holidays – meaning homeowners would not be penalized for missing payments – which have now expired or are about to expire. In addition to forbearance expiration, many banks are requiring homeowners to repay the missed months in one unaffordable lump sum payment.
