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BofA, JPMC, Citi Even Worse At Complying With Mortgage Settlement Than Wells Fargo

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When they agreed to pay $25 billion to make their mortgage-servicing problems with, well, everyone, it apparently did not occur to the big banks that they'd be expected to live up to all of the other things they agreed to do. I mean, is not $25 billion enough for you people?

Joseph A. Smith said that Bank of America Corp., J.P. Morgan Chase and Citigroup Inc. each failed at least two of 29 metrics that measure standards over how to provide relief to homeowners under threat of foreclosure. In total, the three banks failed on seven metrics in the first half of 2013.

Wednesday's compliance report—filed in federal court in Washington D.C.—compares with a similar report filed in June showing that J.P. Morgan, Citigroup and Wells Fargo & Co. had failed on three metrics in the second half of last year….

The latest report shows that Bank of America, Citigroup and J.P. Morgan failed on six metrics during the first quarter of 2013. Meanwhile, J.P. Morgan failed on one metric during the second quarter.

U.S. Banks Again Fail to Comply With Parts of Mortgage Settlement [WSJ]



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