Wells Fargo says it is “90% of the way” to meeting its obligations, and Citigroup declines to characterize its progress.

E. Scott Reckard, Los Angeles Times

Bank of America Corp. and JPMorgan Chase & Co. say they have satisfied their obligations to help troubled borrowers under last year’s landmark mortgage settlement with state and federal officials.

Another bank that signed the settlement, Wells Fargo & Co. said it is “90% of the way” to meeting its obligations, whileCitigroup Inc. said it “remains committed to fulfilling the terms” while declining to characterize its progress.

The self-reported information will not be credited officially until Joseph J. Smith Jr., the national monitor for the settlement, reviews the data. So far Smith has certified completion only by the fifth and final lender to settle: Residential Capital, a mortgage subsidiary of Ally Financial Inc., which was once known as General Motors Acceptance Corp., or GMAC.

Read more here

Write A Comment

Your email address will not be published.

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Ready to get started?

Speak to a specialist at (888) 737-6344