Ofce o Mortgage Settlement Oversight
As has been described in my previous reports,I am charged with overseeing the Servicers’
compliance with two parts of the National
Mortgage Settlement (“Settlement”)
: ConsumerRelief and Servicing Standards. Consumer Relief
represents the specic dollar amounts of relief
Servicers must provide to distressed borrowers within three years. Servicing Standards arethe reforms that guide the way the Servicers work with their customers and are intended toaddress practices that led to the Settlement.
The Servicers have committed to providing Consumer Relief in thefollowing credited amounts under the Settlement:• $200,000,000 for Ally• $8,574,200,000 for Bank of America• $4,212,400,000 for Chase• $1,789,000,000 for Citi• $4,337,000,000 for WellsThe Servicers may meet this commitment through a variety ofcreditable Consumer Relief activities, including:• First and second lien modications• Enhanced borrower transitional funds• Facilitation of short sales• Deciency waivers• Forbearance for unemployed borrowers• Anti-blight activities• Benets for members of the armed services• Renancing programs
Bank of America, N.A. (“Bank of America”); CitiMortgage, Inc. (“Citi”); AllyFinancial, Inc., Residential Capital LLC, and GMAC Mortgage LLC (“Ally”); J.P.Morgan Chase Bank, N.A. (“Chase”); and Wells Fargo & Company and WellsFargo Bank, N.A. (“Wells”).
As used in this report, the term “Settlement” will refer to the ConsentJudgments described inFirst Take,including Exhibits attached thereto, entered
in the United States District Court for the District of Columbia effective April 5,2012. Unless expressly stated to be otherwise, the Settlement terms referencedin
and in this report apply to each of the Servicers.
As the Monitor, I am responsible for determining if and whena Servicer has satised its Consumer Relief requirements. Thisoccurs once a Servicer asserts to me that it has satised suchrequirements. Its assertion is then reviewed by the Servicer’sInternal Review Group (“IRG”), an internal quality control group,consisting of Servicer employees or independent contractors, thatis independent from the line of business whose performance isbeing measured. The IRG then reviews and makes a determinationthat the Servicer’s asserted relief activities have been accuratelycompleted and assigned appropriate credit under the formulasoutlined in the Settlement.At that time, my Primary Professional Firm (“PPF”) and I conductour due diligence and validation of the claimed Consumer Relief. IfI am satised with its accuracy, I certify the Servicer’s satisfactionof its Consumer Relief obligations through a report to the DistrictCourt for the District of Columbia (“Court”).As of February 1, 2013, only Ally had asserted that it has satisedits Consumer Relief requirements. As discussed in more detailbelow, I have certied that Ally has done so and is in substantialcompliance with its mandatory solicitation requirements.Other Servicers have initiated the process of Consumer Reliefcertication only this week; therefore, I am not in a position tomake any other certications of Consumer Relief at this time.This report, like my rst two reports, contains only self-reportedConsumer Relief data from the period March 1, 2012, throughDecember 31, 2012, none of which has been conrmed, credited orotherwise approved by me or the professional rms working withme, with the exception of that provided by Ally.