Tag Archives: Consumer Relief

The bank agreed to pay $2.5 billion in consumer relief as part of a $4 billion settlement over RMBS in July 2014.

Under the terms of its 2014 RMBS settlement, Bank of America is continuing to provide relief to consumers in the areas most affected by the foreclosure crisis.

An independent monitor reported on Thursday that JPMorgan Chase is about 97 percent of the way toward fulfilling its consumer relief obligation under the $13 billion RMBS settlement reached in November 2013.

Bank of America has been credited with approximately $1.19 billion toward the $7 billion (17 percent) in consumer relief the bank agreed to provide as part of the August 2014 settlement with the Department of Justice over the selling of toxic mortgage-backed securities, according to Independent monitor Eric Green.

Ocwen also reported that an additional 284,089 borrowers had either started a trial modification or were offered or approved for a trial modification by the end of Q4. These were Ocwen's self-reported numbers and they have not been credited by the monitor as of yet.

JPMorgan Chase reports it has completed nearly a quarter of its consumer relief obligations required under a landmark mortgage-backed securities (MBS) settlement last year. According to a report issued Wednesday by the settlement's monitor, Joseph Smith Jr., the megabank expects to be credited for more than $862 million it provided through various borrower relief measures in the second quarter.