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Wells Fargo Mortgage Settlement Documents

Wells Fargo Mortgage Settlement Documents

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Published by FindLaw
These documents contain details of the national mortgage settlement reached between the federal government and the five largest loan servicers operating in the U.S.
These documents contain details of the national mortgage settlement reached between the federal government and the five largest loan servicers operating in the U.S.

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Published by: FindLaw on Mar 12, 2012
Copyright:Attribution Non-commercial


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et al.
,Plaintiffs,v.WELLS FARGO & COMPANY,
et al.
,Defendants.)))))))))))))))))Civil Action No. ________ 
WHEREAS, Plaintiffs, the United States of America and the States of Alabama, Alaska,Arizona, Arkansas, California, Colorado, Connecticut, Delaware, Florida, Georgia, Hawaii,Idaho, Illinois, Indiana, Iowa, Kansas, Louisiana, Maine, Maryland, Michigan, Minnesota,Mississippi, Missouri, Montana, Nebraska, Nevada, New Hampshire, New Jersey, New Mexico, New York, North Carolina, North Dakota, Ohio, Oregon, Rhode Island, South Carolina, SouthDakota, Tennessee, Texas, Utah, Vermont, Washington, West Virginia, Wisconsin, Wyoming,the Commonwealths of Kentucky, Massachusetts, Pennsylvania and Virginia, and the District of Columbia filed their complaint on March
, 2012, alleging that Wells Fargo & Company andWells Fargo Bank, N.A. (collectively, “Defendant”) violated, among other laws, the Unfair andDeceptive Acts and Practices laws of the Plaintiff States, the False Claims Act, the Financial
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USDOJ Servicemembers Civil Relief Act Settlement Provisions:Wells Fargo Bank, N.A. and Wells Fargo & Company
In exchange for a full release of the United States’
potential civil claims under theServicemembers Civil Relief Act (“SCRA”), 50 U.S.C. app. § 501,
et seq.
, arising prior to thedate of this agreement against Servicer
with respect to the servicing of residential mortgages,under the provisions of the SCRA related to (a) mortgage foreclosure and (b) the prohibitionagainst charging more than 6% interest on SCRA-covered mortgaged debt after a valid requestby a servicemember to lower the interest rate and receipt of orders, Servicer agrees to theprovisions set forth below.I.
Servicer shall comply with all the “Protections for Military Personnel” provisions in theSettlement Agreement (“Article V”). In addition, Servicer shall undertake additionalremedial action and agree to the policy changes set forth below.II.
Compensation for Servicemembers and Co-Borrowersa.
Violations of Sections 533 and 521 of the SCRA related to completedforeclosures on active duty servicemembers:
Servicer will engage an independentconsultant whose duties shall include a review of all completed foreclosures fromJanuary 1, 2006 to the present to evaluate whether the completed foreclosureswere in compliance with Sections 533 and 521 of the SCRA. Servicer shall
The following claims are specifically reserved and not released: Any action that may be taken by the appropriateFederal Banking Agency (FBA), as defined in 12 U.S.C. § 1813(q), against Servicer, any of its affiliated entities,and/or any institution-affiliated party of Servicer, as defined in 12 U.S.C. § 1813(u), pursuant to 12 U.S.C. § 1818,and any action by the FBA to enforce the Consent Order issued against Servicer by the FBA on April 13, 2011.
For purposes of the agreement in this exhibit, “Servicer” shall mean Wells Fargo Bank, N.A. and Wells Fargo &Company, and their successors and assignees in the event of a sale of all or substantially all of the mortgageservicing related assets of (1) Wells Fargo Bank, N.A. or Wells Fargo & Company, or (2) any of Wells Fargo Bank,N.A. or Wells Fargo & Company’s division(s) or major business unit(s) that are engaged in servicing residentialmortgages.
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