America’s largest banks got passing marks on the majority of customer-service requirements outlined in the National Mortgage Settlement, including areas that have drawn thousands of complaints nationwide from housing officials, attorneys general and borrowers.
Just three failures were found by the settlement’s independent monitor Joseph Smith, who issued his first report Wednesday on the five banks’ compliance with a stricter set of standards meant to protect homeowners. An additional five failures were self-reported by banks and will be reviewed in the next audit.
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In 2012, Kimberly Miller broke the news that Florida had entered into the landmark National Mortgage Settlement. Since then, she has reported on problems with the settlement including loopholes that allow banks to pursue foreclosures at the same time they are negotiating loan modifications with homeowners.