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Tag Archives: Settlements

Judge Rules Wells Fargo Breached Terms of 2010 Mortgage Settlement

Judge Richard Seeborg, in the U.S. District Court of Northern California, ruled that Wells Fargo had breached the terms of the settlement by using "evolving and perhaps ill-defined standards" when determining borrowers' eligibility for a loan modification, according to one report. At the same time, however, Seeborg told both sides they had had "almost no idea" what they agreed to in the settlement.

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Monitor Validates Chase’s Claim of $2.2 Billion in Consumer Relief Under Settlement

An independent monitor verified in his fourth report on JPMorgan Chase's progress under its November 2013 settlement with the government over the packaging and selling of faulty residential mortgage-backed securities that the bank has paid more than half of the $4 billion amount it agreed to pay toward consumer relief, according to an announcement from independent monitor Joseph A. Smith, Jr. on Thursday.

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Judge Tosses Non-Profit’s Lawsuit Against DOJ Over JPMorgan Chase Settlement

Better Markets, a non-profit Wall Street reforms advocate based in Washington, D.C., filed a suit against the DOJ in February 2014 alleging that the settlement Chase agreed to with the DOJ in November 2013 to settle claims that Chase sold toxic mortgage-backed securities in the run-up to the financial crisis, was "unlawful" and that the settlement had granted the megabank immunity without sufficient judicial review.

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Lawmaker Calls for Further Examination of Servicers in 2013 Foreclosure Settlement

The letter was prompted by news reports that surfaced earlier this month stating that Citigroup, one of the servicers named in the settlement, had missed paying some 24,000 borrowers who were owed money from the settlement. Waters sent her letter on Friday to Fed Inspector General Mark Bialek and Treasury Inspector General Eric Thorson asking them to perform further examinations to see if other borrowers were missed.

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Judge Approves $69 Million MBS Settlement for Bank of America, U.S. Bank

The institutional investors, including affiliates of investment manager BlackRock Inc. and Pacific Investment Management Company LLC, had objected to the settlement, saying it excludes them from the class, while simultaneously releasing their claims against U.S. Bank in a derivative action. The judge said the terms of the agreement didn’t bar those investors' claims.

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