Fed Reserve Board announcing End of Enforcement Against 10 Banks.
How Do you Stop Foreclosure Fraud?
In 2012, the Historic 25B Settlement promised to clean up the financial industry! To date, little seems to have changed, and if you want change, it looks like you will have to mount your own suit against your lender.
On January 12, 2018, the Federal Reserve Board announced termination of its recent enforcement actions against 10 banking organizations: 1. Ally Financial Inc.; 2. Bank of America Corporation; 3. CIT Group, Inc. (as successor to IMB HoldCo LLC, who was the firm that purchased the failed OneWest Bank); 4. The Goldman Sachs Group, Inc. (featured prominently in the popular book Flash Boys by Michael Lewis – Goldman Sachs Bank also had an indirect subsidiary Litton Loan Servicing LP); 5. HSBC North America Holdings, Inc.; 6. JPMorgan Chase & Co.; 7. Morgan Stanley; 8. The PNC Financial Services Group, Inc.; 9. SunTrust Banks, Inc.; and 10. U.S. Bancorp. The FRB had decided monetary fines were to be charged, announced the following penalties on January 12th:
$14 million against Goldman Sachs;
$8 million against Morgan Stanley;
$5.2 million against CIT (as successor to IMB);
$4.4 million against U.S. Bancorp; and
$3.5 million against PNC.
While that seems like a lot of money, consider how much those banks made in fraudulent and inappropriate foreclosure actions. The enforcements were supposed to force the banks to improve loan processing and foreclosure processing. Now the enforcement actions on Banks are terminated, but homeowners are still in looking for ways to stop foreclosure and stop foreclosure fraud on their homes. Where can they turn?
Foreclosures are at the lowest point seen in 10 years, but there are other factors in the foreclosures volume drop: Fewer loans are available to borrowers with damaged credit, house purchases dropped to one third of the 2004 & 2005 volume, and to three quarters of houses purchased in 2007. Many lost their homes to foreclosure in the financial crisis, and, according to the NY Times, an extremely low number of homeowners who lost their homes to foreclosure have purchased new homes since the foreclosure. More than 10 years after the financial crisis erupted, if you are waiting for the government to fix the banks procedures and ethics, you may still be in for a very long wait.
If you are one of the homeowners struggling to stop foreclosure on your homes, take heart. More homeowners are finding their own solution by suing their lender for wrongful foreclosure procedures. Do you need to stop a foreclosure sale? Talk to a licensed professional in your jurisdiction and find out your options. Our compliance officer can bring you up to speed at no obligation, so you can make an informed decision about how you want to move forward.
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