Mortgage-servicing monitor finds faults with 4 banks

06/20/2013 | Reuters

In his first report on the 2012 mortgage settlement, monitor Joseph Smith said Bank of America, Citigroup, JPMorgan Chase and Wells Fargo need to make changes in their servicing practices. Ally Financial was the only bank that passed all 29 metrics that Smith used to measure how well banks are complying with the 304 rules implemented as part of the deal. Particularly of concern was the banks' failure to establish a single point of contact for homeowners, Smith said.

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