The new policy, meant to assist borrowers in Puerto Rico and the U.S. Virgin Islands, will let servicers evaluate borrowers using pre-disaster payment information.
Lending to problematic or serial evictors can cause people to be pushed out of their homes in the name of profits. Banks must adopt standards against this practice.
Sen. Brian Schatz, D-Hawaii, said it is hard to imagine how Wells Fargo's $8 million remediation plan would correct a mistake that led to 400 wrongful foreclosures.
Wells Fargo estimates that in 400 instances, borrowers later went through foreclosure who were improperly denied or not offered a mortgage modification.
The bill aimed at helping struggling homeowners also requires documentation of servicer behavior and FHFA evaluation of the services provided to borrowers.
Outgoing N.Y. Attorney General Eric Schneiderman has been a thorn in the side of financial institutions, using his state’s significant clout to affect national policy debate on a host of topics ranging from dark pools to cryptocurrencies. Here’s a look back at how Schneiderman has made his mark on the ways financial institutions do business.
The group says Mulvaney, who also runs OMB, was not totally forthcoming with the Senate Budget Committee about the foreclosure of a property he owns in South Carolina.
With few foreclosed homes left to pick up on the cheap, the biggest landlords are buying, or building, new single-family homes to pad their portfolios; these properties could eventually show up as collateral in rental bonds.
