Lawsuits and Settlements; Attorney's Input on Cyber-Security and Servicing

Posted To: Pipeline Press

Welcome to the first business day of the 4th quarter! For another first, on this date in 1955 the first episode of Captain Kangaroo aired. Just think of how many people in our biz watched that series when they were kids! Heavens to Murgatroyd! (Yes, I know, different show.) Although not related to mortgages, but more to "when it rains it pours," last week the DOJ and OCC announced s eparate settlement agreements with Wells Fargo regarding alleged violations of the Servicemembers Civil Relief Act (SCRA). The DOJ's complaint alleged that the bank repossessed vehicles owned by active duty service members without the required court orders. Under the DOJ consent order , the bank agreed to pay $10,000 to each affected service members whose vehicles were repossessed between from January 2008 to July...(read more)

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