New Announcement About Uncashed Checks for Independent Foreclosure Review

Just the messenger folks, contact Rust Consulting for more information:

Joint Press Release

Board of Governors of the Federal Reserve System
Office of the Comptroller of the Currency
For release at 1:00 p.m. EDT
February 18, 2015

Agencies Announce Reissuance of Checks Related to the Independent Foreclosure Review

Replacement checks are being mailed this week to borrowers eligible for payment under the Independent Foreclosure Review Payment Agreements and who have not yetcashed or deposited their check, the Federal Reserve Board and the Office of the Comptroller of the Currency announced Wednesday. The checks are being sent by the paying agent, Rust Consulting, Inc., to replaceuncashed checks that have now expired.Agreements reached in January 2013 between federal bank regulatory agencies and 13 mortgage servicers provided $3.6 billion in cash payments to borrowers whose homes were in any stage of the foreclosure process in 2009 or 2010. The mortgages were serviced by one of the following 13 companies, their affiliates, or subsidiaries: Aurora, Bank of America, Citibank, Goldman Sachs, HSBC, JPMorgan Chase, MetLife Bank, Morgan Stanley, PNC, Sovereign, SunTrust, U.S. Bank, and Wells Fargo. The payments ranged from several hundred dollars to $125,000 plus lost equity.

Beginning in April 2013, payments were mailed to all of the nearly 4.2 million in-scope borrowers of these servicers. As of January 2015, more than 3.4 million of these checks, totaling more than $3.1 billion, had been cashed or deposited. This represents approximately 87 percent of the total amount of funds these servicers were required to pay.

Nearly 600,000 checks mailed to borrowers of these 13 servicers remain outstanding, and have now expired. As part of the agencies’ ongoing efforts to reach these borrowers, the paying agent was directed to conduct additional searches of updated addresses. The current mailing represents the third attempt directed by the agencies to provide checks to in-scope borrowers. Borrowers who have already cashed or deposited their checks will not receive additional payment. Borrowers must cash or deposit the replacement checks within 90 days of the issue date or the check will be void.

After January 2013, similar agreements were reached with federal bank regulatory agencies that provided cash payments to borrowers whose homes were in any stage of the foreclosure process in 2009 or 2010 and whose mortgages were serviced by GMAC Mortgage and EverBank. As of year-end 2014, payments were mailed to all of the in-scope borrowers of these two servicers. Replacement checks for borrowers of GMAC Mortgage who have not yet cashed or deposited their checks are expected to be mailed by Rust Consulting, Inc., by May 2015.

Borrowers whose mortgages were serviced by one of the 13 servicers that entered into agreements in January 2013 or by GMAC Mortgage should call Rust Consulting, Inc. with questions at 888-952-9105, Monday through Friday between 9:00 a.m. and 8:00 p.m. EST or Saturday between 11:00 a.m. and 4:00 p.m. EST. Borrowers who had a mortgage serviced by EverBank should contact the paying agent for that agreement, Epiq Systems, with questions at 877-819-9754.

Are you a former IndyMac, OneWest, or Financial Freedom customer living in Los Angeles?

Marketplace: IndyMac backdating helped downfall

Marketplace: IndyMac backdating helped downfall

PUBLIC HEARING IS IMPORTANT OPPORTUNITY FOR CUSTOMERS TO WEIGH IN WITH BANK REGULATORS 

If your mortgage was originated by Financial Freedom or IndyMac, or if your mortgage was serviced by OneWest Bank, then we have an important announcement to share with you.

Earlier this month, the Federal Reserve and the Office of the Comptroller of the Currency announced they would hold a public hearing on the proposed merger of OneWest with CIT Group.

If you had an experience with OneWest Bank that was less stellar, you should consider sharing your experience with the Federal Reserve and OCC.  As part of the public hearing announcement, the regulators also announced they were extending the public comment period on the merger until February 26, 2015.

Better yet, if you’re in Los Angeles, consider attending the public hearing.  If you’re not speaking, you can just show up.  But, if you’d like to speak, you need to tell the regulators and information on how to do that is listed below.

If you are in Los Angeles and would like to weigh in on the merger, there is a public hearing being held on February 26th.  All persons wishing to testify at the public meeting must submit a written request no later than 5:00 p.m. PST on February 20, 2015. A request to testify may be sent by mail to: Scott Turner, Vice President, Community Engagement, Federal Reserve Bank of San Francisco, 101 Market Street, San Francisco, California 94105; by e-mail to: sf.community.development.info@sf.frb.org; or by facsimile: 415-977-4011.

If you can’t make the hearing, but want to share your views, you can send an email to: comments.applications@ny.frb.org and WE.Licensing@occ.treas.gov.  If you have personal experiences with OneWest Bank, CIT Group, or Financial Freedom, it is probably a good idea to mention that in your email.

If you’d like to learn more about this proposed merger, you may want to go to the California Reinvestment Coalition’s website, they have an entire page dedicated to this merger and it outlines the more troubling aspects.  Proposed Merger of CIT Group and OneWest Bank Resource Page. 

New Presentation Explains Why Organizations and People Across the US Oppose the OneWest and CIT Group Merger

foreclosurehelpscc:

Did you have a mortgage from IndyMac Bank, OneWest Bank, or a reverse mortgage from Financial Freedom? Federal bank regulators are holding a public hearing about a proposed merger of CIT Group and OneWest Bank. If you’ve had negative experiences with OneWest or Financial Freedom, you may want to take a look at this blog post and consider emailing the Federal Reserve and OCC so they have an accurate picture of OneWest’s servicing practices.

Originally posted on California Reinvestment Coalition:

If you’re wondering why people are opposed the the merger of CIT Group and OneWest Bank, watch this short Prezi!

It outlines the many problems with this proposed merger.  If, after viewing it, you’d like to weigh in with regulators, please visit CRC’s Resource page to get the two email addresses for the regulators who are reviewing this proposed merger.

CIT Merger Presentation

View the presentation by clicking on the picture above, or by clicking here: CIT Group and OneWest Proposed Merger: What You Need To Know.

View original

Changes to This Blog

Greetings,

Thank you for following this blog. We’re writing to let you know that as the ForeclosureHelp program has transitioned, this blog has also transitioned. Looking to the future, this blog will be maintained by an independent blog editor who anticipates continuing to write on issues of interest to consumers.

If you are in San Jose, and in need of foreclosure assistance, please see this earlier blog with information about where to get help:  THE FORECLOSUREHELP CENTER HAS NOW TRANSITIONED TO THE FORECLOSURE HELP COLLABORATIVE

Thank you!

 

THE FORECLOSUREHELP CENTER HAS NOW TRANSITIONED TO THE FORECLOSURE HELP COLLABORATIVE

Beginning October 27, 2014, The Foreclosure Help Collaborative Silicon Valley will provide coordinated foreclosure prevention services to families facing foreclosure and other related housing issues throughout the County of Santa Clara in place of the ForeclosureHelp Center.

The Foreclosure Help Collaborative Silicon Valley can be reached at (408) 909-HOME or at foreclosurecollaborative@gmail.com.

The Collaborative is composed of the same partners that supported the ForeclosureHelp Center, including four HUD housing counseling agencies; Asian, Inc., Neighborhood Housing Services Silicon Valley, Project Sentinel and SurePath Financial Solutions, as well as The Law Foundation of Silicon Valley, and Santa Clara County Association of Realtors.

The ForeclosureHelp Center was established in 2009 in response to the foreclosure crisis that heavily impacted our community. In 2012, Housing Trust Silicon Valley assumed the leadership role of the ForeclosureHelpSCC Consortium, and the management and operation of the ForeclosureHelp Center. The Center was operated in partnership with the partners listed above. Nearly 10,000 residents in 3,400 local households have received coordinated foreclosure prevention and housing legal services from the ForeclosureHelp Center.

Foreclosure rates in California and the County of Santa Clara have now fallen to the lowest level since 2005, prior to the start of the looming foreclosure crisis. As a result of the decrease in foreclosure activity and program funding, the ForeclosureHelp Center has ceased operations effective October 27, 2014.
However, on any given day in the County of Santa Clara, there are still nearly 1,200 households who remain in foreclosure or are at the risk of foreclosure. Many of these households are facing complex issues such as prior modification agreements that are expiring.

The new Collaborative will ensure that these households have continued access to the resources they need to preserve their homeownership. Housing Trust Silicon Valley would like to thank its service partners as well as the cities of San Jose and Sunnyvale, and the Santa Clara County Association of Realtors, for funding the project.

REGISTER FOR OUR FREE FORECLOSURE PREVENTION EVENT WITH BANK OF AMERICA ON SEPTEMBER 26, SEPTEMBER 27 AND OCTOBER 2

The Foreclosure Help Consortium, in collaboration with Bank of America, the City of San Jose, and the City of Sunnyvale, is holding a series of special foreclosure prevention sessions on September 26, September 27 and October 2. These sessions will be held at the School of Arts and Culture, 1700 Alum Rock Avenue, San Jose, from 8:30 am to 5:00 pm.

On each of these dates, representatives from Bank of America will be available to meet with homeowners to determine if they are eligible for mortgage modifications or other preservation solutions. HUD Housing Counselors will be available to provide information and assistance on other programs such as Keep Your Home California and new consumer protections under the Homeowners’ Bill of Rights. All services at this Event are free and confidential.

Reserved appointments are strongly recommended. To schedule an appointment or for more information on this event, call ForeclosureHelp at (408) 793-6000 or email help@foreclosurehelpscc.org.