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Archive for the ‘Latest Info’ Category

California Agencies Issue Alert on Mortgage Loan Modification Scams

Don’t let this happen to you! To learn more about how to protect yourself from Mortgage Loan Modification scams click on the link below.

Waiting for Change: Dual Tracking and Home Foreclosure-The First Report of the California Monitor

California Attorney General mortgage settlement agreement monitor Katherine Porter has released her first report on compliance with the multi-state Settlement Agreement, “Waiting for Change: Dual Tracking and Home Foreclosure.”

For more information on the California Monitor Program please visit:
http://californiamonitor.org/

CHASE LAUNCHES NEW SPANISH ONLINE BANKING EXPERIENCE

NEW YORKOctober 4, 2012—Chase today announced that consumer and business banking customers can now manage their accounts, including conducting many transactions, in Spanish. Through new functionality on Chase.com/espanol, the bank now offers a comprehensive Spanish online banking option to customers.

“We continue to tailor products and services to meet the financial needs of the Hispanic community, which is a significant and growing customer segment,” said Pablo Sanchez, National Executive for Chase Consumer Banking. “These added features set us apart in the industry and, more importantly, deliver a great experience to customers who prefer to manage their personal and business banking in Spanish.”

Through Chase.com/espanol, customers now can perform many of the same functions in Spanish as they can in English, including:

  • Manage Chase checking, auto, student, home loan, credit card and business accounts;
  • View account activity and transaction history;
  • Pay bills and transfer money; and
  • Use tools such as Chase QuickPaySM to send money to nearly anyone with an email address or mobile telephone number.

The site also allows customers to toggle between English and Spanish while banking online.

Customers who are new to online banking can register at Chase.com/espanol or by going to Chase.com/bancaporinternet.

Chase.com/espanol originally launched in 2008, offering customers information on Chase’s portfolio of products and services. Chase also provides bilingual customer service in-person and via phone, the option to use ATMs in Spanish, bill inserts and account statements in Spanish, and printed product and services information available through branches for many personal and business banking needs.

About Chase

Chase is the U.S. consumer and commercial banking business of JPMorgan Chase & Co., a leading global financial services firm with assets of $2.3 trillion and operations in more than 60 countries. Chase serves more than 50 million consumers and 4 million small businesses through more than 5,500 bank branches, 18,000 ATMs, credit cards, mortgage offices, and online and mobile banking. More information about Chase is available at www.chase.com.

“National Mortgage Settlement Monitor Announces Servicing Standards Deadline”

RALEIGH, N.C. – Joseph A. Smith, Jr., Monitor of the National Mortgage Settlement, today announced that the five banks participating in the Settlement are now required to be in full compliance with the agreement’s 304 servicing standards, or rules that guide their interaction with consumers. In response to this deadline, he released the following statement:

“Today is the 180th day since the entry of the consent judgments comprising the National Mortgage Servicing Settlement. As of today, the five banks subject to the Settlement are required to operate in full compliance with its servicing standards. I will conduct careful and thorough reviews of the banks’ processes to assure and verify that they are compliant with the Settlement’s rules.

“While my team and I will work to review the banks’ compliance ourselves, I also need to hear from consumer professionals in the marketplace who work on these issues day in and day out. I am asking these professionals to report to me when they see a mortgage servicer breaking the rules established in the Settlement. Please visit www.mortgageoversight.com/forms to tell me about what you are seeing.”

More information about the mortgage settlement is available at www.nationalmortgagesettlement.com. Further information about Joseph Smith and the Office of Mortgage Settlement Oversight is available at www.mortgageoversight.com.

National Fair Housing Alliance Reports “Banks Are Not Maintaining or Marketing REOs”

A report by the National Fair Housing Alliance (NFHA) offers disturbing evidence that the same banks that sold unsustainable loans to communities of color and triggered the current foreclosure crisis are now exacerbating damage to those communities by not maintaining and marketing REOs.

For more information on the full report, “The Banks Are Back–Our Neighborhoods Are Not,” please visit the link below.
www.nationalfairhousing.org.

UPDATE: The City of San Diego Passes the Responsible Banking Ordinance!!!

By a unanimous vote of 8-0, the San Diego City Council passed the Responsible Banking Ordinance designed to hold financial institutions accountable to San Diego specific community reinvestment activities.

The San Diego Reinvestment Task Force would like to extend a warm thank you to all of the advocacy groups, partners and interested stakeholders who participated in this effort!

“S.D. Puts Heat on Banks for Foreclosures”

Read all about the passage of both the Abandoned Property Ordinance and the Responsible Banking Ordinance in the below article recently published in the San Diego Union Tribune.
http://www.utsandiego.com/news/2012/sep/18/sd-moves-to-deal-with-abandoned-properties/

SAVE THE DATE: Responsible Banking Ordinance City Council Hearing September 18, 2012 at 6:00 PM

The San Diego Reinvestment Task Force (RTF) invites you to attend the San Diego City Council Meeting of Tuesday, September 18, 2012 at 6:00 PM in order to voice your comments surrounding the Responsible Banking Ordinance which will be an action item listed on the meeting agenda.The Responsible Banking Ordinance is an issue of great importance to the San Diego region. Community involvement and advocacy efforts are critical components to the success of this initiative.

Your comments are an invaluable contribution to our efforts.

Please join us in support of this initiative!

RBO Ordinance
RBO Strikeout Ordinance
Community Reinvestment Review Committee Ordinance
Community Reinvestment Review Committee Strikeout

Consumer Financial Protection Bureau-”Putting the ‘service’ back in ‘mortgage servicing’”

New mortgage rules are being proposed.

  • Monthly mortgage statements
    Servicers would be required to provide clear billing statements including information on the loan, amount due, and application of past payments.
  • Warnings before interest rate adjustments
    Servicers would be required to provide consumers with a new notice 6 to 7 months before the first rate adjustment, as well as earlier and improved notices before rate adjustments causing an increase in a consumer’s mortgage payments.
  • Force-placed insurance
    Servicers can only charge borrowers for buying insurance on the property when they have a reasonable basis to believe that the borrowers have let their own insurance lapse and have given borrowers two notices estimating the cost of the “force-placed insurance.”
  • Early outreach for delinquent borrowers
    Getting a delinquent borrower back on track requires early intervention and information about options available.
  • Prompt crediting of payments
    Payments must be applied as of the day they are received, and the handling of partial payments is clarified.
  • Accurate information management
    Servicers must have reasonable policies to ensure that when borrowers provide documents and information the servicers can find and use them.
  • Error resolution and information requests
    Mistakes happen, but they need to get fixed. Servicers must address borrower concerns about possible errors within certain timeframes and provide the information they request.
  • Direct and ongoing access to servicer personnel
    Delinquent borrowers will be able to contact the right people at their servicer to get information and take steps to avoid foreclosure.
  • Evaluation for alternatives to foreclosure
    Servicers would be required to appropriately review borrower applications for loan modifications or other options to avoid foreclosure.

Read more about it by visiting the following link.

http://www.consumerfinance.gov/blog/putting-the-serviceback-in-mortgage-servicing/

Please submit your comments and feedback!
http://regulationroom.org/

San Diego Celebrates 10th Anniversary of “Housing Day”

Housing Day began in 2002 at a special meeting of the City Council at Golden Hall, at which 1,000 advocates urged support for an inclusionary housing ordinance and $55 million in bonds for new affordable housing.

Thank you to all affordable housing advocates and supporters as we celebrate a decade of accomplishments!