Tagged with: 2013 Independent Foreclosure Review Citigroup Settlements Sign up for DS News Daily Lawmaker Calls for Further Examination of Servicers in 2013 Foreclosure Settlement About Author: Brian Honea March 20, 2015 1,001 Views Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Best Markets For Residential Property Investors 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Print This Post Servicers Navigate the Post-Pandemic World 2 days ago Brian Honea’s writing and editing career spans nearly two decades across many forms of media. He served as sports editor for two suburban newspaper chains in the DFW area and has freelanced for such publications as the Yahoo! Contributor Network, Dallas Home Improvement magazine, and the Dallas Morning News. He has written four non-fiction sports books, the latest of which, The Life of Coach Chuck Curtis, was published by the TCU Press in December 2014. A lifelong Texan, Brian received his master’s degree from Amberton University in Garland. The Best Markets For Residential Property Investors 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Demand Propels Home Prices Upward 2 days ago 2013 Independent Foreclosure Review Citigroup Settlements 2015-03-20 Brian Honea U.S. Representative Maxine Waters (D-California) has written a letter to the inspectors general for both the Federal Reserve and the U.S. Department of Treasury asking for further investigation to determine if any of a group of mortgage servicers missed paying additional borrowers that were owed compensation as part of a 2013 foreclosure settlement.The letter was prompted by news reports that surfaced earlier this month stating that Citigroup, one of the servicers named in the settlement, had missed paying some 24,000 borrowers who were owed money from the settlement. Waters, the Ranking Member of the House Committee on Financial Services, sent her letter on Friday to Fed Inspector General Mark Bialek and Treasury Inspector General Eric Thorson asking them to perform further examinations to see if other borrowers were missed. The original settlement was reached more than two years ago between 15 mortgage servicers and the Fed and Office of the Comptroller of the Currency (OCC) to resolve claims of servicing violations during foreclosures.Those 24,000 Citigroup borrowers will receive a combined total of approximately $20 million with payments ranging from a few hundred dollars to $62,500 depending on the harm done to the borrower and the type of servicing error that was committed. One news report, citing an OCC spokesperson, stated that Citigroup was originally told by the OCC that it did not have to include those 24,000 borrowers in the settlement. It was discovered that Citigroup owed those 24,000 borrowers money only after one borrower filed a complaint on an OCC Customer Assistance website, which was stated in Waters’ letter and confirmed by the OCC.”As we said in the past, we are fully committed to fulfilling our obligations under the independent foreclosure review,” Citigroup spokesperson Lynn Fogarty said.Earlier this month when it was reported that 24,000 borrowers were still owed money by Citigroup, spokesman Mark Rodgers told DS News that “We want to make sure that everyone eligible for compensation under the agreement receives what they are due.”An Independent Foreclosure Review concluded in January 2013 with 10 mortgage servicers reaching an agreement with the Fed and the OCC to pay a combined total of $8.5 billion to more than 3.8 million homeowners whose homes were in foreclosure in 2009 and 2010. The claims allege that the servicers mishandled loan paperwork and robo-signed documents related to the foreclosures.The settlement totals were later increased to 15 servicers and a total of $10 billion in payments, according to the Fed. Citigroup has made cash payments of about $300 million to more than 350,000 borrowers and spent about $500 million on foreclosure prevention, according to an OCC report. Related Articles Share Save Home / Daily Dose / Lawmaker Calls for Further Examination of Servicers in 2013 Foreclosure Settlement Demand Propels Home Prices Upward 2 days ago in Daily Dose, Featured, Foreclosure, News Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Previous: Report: Freddie Mac to Sell $1 Billion Worth of Non-Performing Mortgage Loans Next: Judge Tosses Non-Profit’s Lawsuit Against DOJ Over JPMorgan Chase Settlement The Week Ahead: Nearing the Forbearance Exit 2 days ago Subscribe
Most trees are good and live long, low-risk lives. But some trees are bad and live short lives compromised by storms and people. Risky trees can fail and fall. Are your trees out to get you?Trees have value, provide benefits and are desired by humans. People find great psychological, monetary, aesthetic and utilitarian values in trees. The benefits humans get from trees are recreation, psychological, shade, heat dissipation, blockage of glare, blockage of noise, production of white noise, reduction of pollutants, production of oxygen, reduction of erosion, wildlife habitat, increase of property values and increase of economic stability. Trees need care, tooAlong with the many benefits trees provide, trees also have costs. Trees require some investment in growing space, maintenance and care. Once dead, trees can be expensive and dangerous to remove. One of the most overlooked tree costs is liability risk. Liabilities can include ecological, biological, aesthetic, social, economic and safety risks. People need to protect themselves and their property from these tree hazards.All trees grow, become larger and eventually fail. Trees that surround homes, line streets or border parking lots and playgrounds are all at some risk of failing. And some will fail sooner than others. Risks come with historyEvery tree situation has risk involved. Tree history, past abuse, storm damage, construction injury and other tree attributes all can lead to an increased risk of failure. Even minor events such as roots buckling sidewalks or branches rubbing on a roof can generate tree-associated risks of failure.Be aware of tree risks around your home, yard, street, school, church and workplace. As trees become massive and tall, even a single branch loss in a storm could damage property and injury people. Ask a professional for helpTree care professionals examine trees for structural problems and, at times, can try and correct these problems. Most trees do not need special structural support, just good maintenance activities and injury prevention. The most important aspect of tree risks is to understand how trees fail. Trees are modular structures that grow in stages, one part at a time. Trees fall apart one piece at a time or topple as a whole. Failure occurs along faults developed by injury, old damage, and stress from the environment and people.Structural faults include large vertical and horizontal cracks, large decayed areas, bark zones, narrow crotches or forks, dead wood and branches, large cavities, large leans, major root damage, poorly connected living branches and pest damage. These faults may be the result of old injuries or new damage. Many of these faults give way in wind and ice storms.Trees can not heal themselves when damaged. They can only seal-off the wound and grow-over the injury. Old trees can be filled with many hidden faults from old injuries. Branches, roots and stemsRisk assessments on trees are difficult and require a thorough knowledge of tree structure and tree failures. Each tree is different. On average, major structural failures are found in branches, 40 percent, or in roots and stems, 60 percent. Not all large liability risks require tree removal. There are many “non-removal” risks that commonly occur. Even small problems can lead to large liability risks. These risks include buckling of pavement by roots, damage to building foundations and septic systems, tripping caused by surface roots, presence of slippery leaves and litter (fruits, flowers, twigs, leaves), bites and stings from animals living in the tree, children and pet entrapment within cavities, face-level branch injuries and sight-line blocking.Trees represent significant risks to humans, but these risks are relatively small when compared to other daily risks. A tree’s value is usually much greater than any risk-associated costs. Using an informed approach to risks and tree-literate care and maintenance, you can have a landscape filled with “good” trees. For help, contact a tree risk specialist, arborist or a community forester.