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Inside Washington (02/13/2012)
  • WASHINGTON (2/14/12)--Servicers could owe military borrowers millions under the terms of the $25 billion mortgage settlement. JPMorgan Chase, Wells Fargo, Citigroup and Ally Financial will provide substantial financial compensation to servicemembers whose rights under the Servicemembers Civil Relief Act were violated (American Banker Feb. 13). Servicers must make minimum payments of $116,785 to any servicemembers affected since January 2006. The Justice Department seeks to have 100% of the victims identified and compensated, Thomas Perez, the assistant attorney general for the Justice Department's Civil Rights division, said Friday. Perez said he expects the settlement to be in excess of $20 million. Servicemembers also will receive compensation for lost equity and interest, and could receive higher payment for the same violation. Payment also could be made for additional harm, with no limit on the total liability, Perez said …
  • WASHINGTON (2/14/12)--Although a national mortgage settlement has reportedly been reached, its terms have yet to be released, raising doubts about the $25 billion deal. The settlement will not be made public until it is submitted to a court, spokespersons for both the Iowa attorney general's office and the Department of Justice told the American Banker (Feb. 10). The website created for the national settlement features a message that says the settlement document is "coming soon." However, a person familiar with the mortgage servicing pact told the Banker that a settlement term sheet does not yet exist …
  • ALBANY, N.Y. (2/14/12)--After the member business lending Hike the Hill initiative, coordinated by the Credit Union National Association, last week, two New York congressional representatives have signed on as co-sponsors of two separate pieces of legislation. Rep. Gregory Meeks (D) has signed on as an original co-sponsor of the newly introduced supplemental capital bill, H.R. 3993, and Rep. Gary Ackerman (D) added his name to the list of co-sponsors of the Small Business Loan Enhancement Act (H.R. 1418 and S. 509). "The signing on of these two co-sponsors so quickly on the heels of our Hike visits truly shows the effectiveness of grassroots advocacy and the importance of staying involved, informed and active," said William J. Mellin, president/CEO of the Credit Union Association of New York. Participating in the hike were Linda Armyn, senior vice president corporate strategy and governmental affairs, Bethpage FCU, Bethpage, N.Y;  Tansley Sterns, assistant vice president, corporate strategy and governmental affairs, Bethpage FCU; and Lawrence Jones, vice president, commercial lending, Bethpage FCU; Rob Nemeroff, director of marketing and public affairs, Melrose CU, Briarwood, N.Y.; Steven Sobotta, director of marketing, and Samuella Seisay, director of lending, Actors FCU, New York; Michael Tucci, president/owner, and Trevor Tucci, co-owner, Energy Fitness, St. James, N.Y; and William Mellin, president/CEO and Michael Lanotte, senior vice president/general counsel, Credit Union Association of New York …


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