Banks Not Yet Compliant With Mortgage Deal, Report Says

Law360, New York (June 19, 2013, 1:47 PM EDT) -- The five largest U.S. mortgage servicers still have work to do before they’re fully compliant with the terms of last year’s $25 billion national mortgage settlement deal, the federal monitor overseeing the settlement said in a report released Wednesday.

According to monitor Joseph A. Smith Jr., testing by his representatives and self-compliance efforts by the banks — Bank of America Corp., JPMorgan Chase & Co., Citigroup Inc., Wells Fargo & Co. and Ally Financial Inc. — had revealed five failures on specific settlement compliance metrics throughout...
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