3 Banks Failed to Meet Some Relief Tests: Monitor
Three of the biggest U.S. lenders failed this year to meet some requirements for giving relief to struggling homeowners in a $25 billion settlement over foreclosure abuses, according to an official.
The monitor overseeing the settlement says Bank of America, JPMorgan Chase and Citigroup together failed to meet seven of the 29 requirements tested in the first half of the year.
The failures include requirements to notify borrowers of any missing documents in mortgage-modification applications within five days of receipt and to give borrowers accurate information before foreclosure is started. Monitor Joseph Smith said the banks had taken steps to correct the errors.
The three banks, Wells Fargo and ResCap Parties agreed in the 2012 settlement to provide relief to borrowers, such as by reducing interest rates and monthly payments.
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