March 3, 2015
The USTP announced today that it has entered into a national settlement agreement with JPMorgan Chase Bank, N.A. (Chase) requiring Chase to pay more than $50 million through cash payments, mortgage loan credits, and loan forgiveness to over 25,000 homeowners who are or were in bankruptcy. Chase will also change internal operations and submit to oversight by an independent compliance reviewer. Chase acknowledges that it filed more than 50,000 payment change notices that were improperly signed, under penalty of perjury, by persons who had not reviewed the accuracy of the notices. Chase also acknowledges that it did not file timely, accurate notices of mortgage payment changes and did not provide timely, accurate escrow statements. The proposed settlement is subject to approval by the U.S. Bankruptcy Court for the Eastern District of Michigan.
July 17, 2014
Director Cliff White addressed the 49th Annual Seminar of the National Association of Chapter 13 Trustees in Chicago, Illinois. His remarks focused on the Program's consumer protection efforts with respect to mortgage servicing and claims by unsecured creditors, efforts to combat debtor abuse, and support for a uniform chapter 13 repayment plan. He also announced updated chapter 13 trustee compensation effective October 1, 2014.
Tuesday, March 10, 2015 4:30 PM