Alan Pyke, Think Progress
Four of the nation’s largest banks are still failing to play straight on mortgage modification applications, which violates the terms of a 2012 settlement over wrongful foreclosures, the independent monitor of the settlement reported Thursday. The results of the monitor’s tests to verify whether banks were complying with the settlement reinforce tens of thousands of consumer complaints and allegations of ongoing bank misdeeds from two state Attorneys General.
Of 29 separate compliance tests, CitiMortgage failed three, Bank of America and JP Morgan Chase each failed two, and Wells Fargo failed one. The report notes that JP Morgan tried to remedy one of its settlement violations, involving duplicate homeowner’s insurance, by refunding wrongfully charged premiums to more than 2,000 borrowers.