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Tag Archives: National Mortgage Settlement

Settlement Monitor: All Servicers Made the Grade

In his summary of six reports filed with the U.S. District Court for the District of Columbia released on Thursday, Independent Settlement Monitor Joseph A. Smith, Jr. and his team revealed no failed metrics among the servicers that were party to the National Mortgage Settlement in 2012.

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Judge Sides with Wells Fargo in Servicing Settlement Case

In an opinion released Monday, U.S. District Judge Rosemary Collyer said Attorney General Eric Schneiderman didn't present substantial evidence that Wells Fargo—one of five major servicers that originally entered into the deal with 49 state attorneys general—neglected its servicing obligations under the terms of the settlement.

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Settlement Monitor Finds Problems in Ocwen Review

In an update on his continued oversight of the landmark agreement, Joseph Smith Jr. revealed doubts about the internal review group Ocwen is using to monitor the company's compliance with settlement terms. Smith said his team launched an investigation in May after hearing from an employee about "serious deficiencies in Ocwen's internal review group process."

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HUD Secretary: 2012 Settlement ‘Delivered’ on Promises

After nearly five and a half years spent trying to steer housing out of a ditch, HUD Secretary Shaun Donovan is on his way out of that agency and into the Office of Management and Budget—but not before taking a victory lap. In an interview with the Washington Post, Donovan looked back on his time spent directing the agency, reflecting on memories ranging from the administration's reaction to Hurricane Sandy to its efforts to reduce homelessness.

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Green Tree Put on Rating Watch Negative Following OSMO Report

In a release, Fitch Ratings announced it is changing Green Tree's servicer grades to "Rating Watch Negative," citing "ongoing concerns with Green Tree's rapid growth and portfolio integration" as well as the results of the latest compliance update from the Office of the Mortgage Settlement Oversight (OSMO), which showed the servicer failed to meet some of the minimum requirements agreed to by some of the nation’s biggest outfits.

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Settlement Monitor: Most Banks Meeting Compliance Reqs

According to examination results released Wednesday by the Office of Mortgage Settlement Oversight, five of the six banks met or exceeded expectations across 29 different compliance metrics in the third and fourth quarters of 2013. Not faring as well was Green Tree, a wholly owned subsidiary of Walter Investment Management Corp., which has part of ResCap's servicing portfolio.

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