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AGO News Releases with Topic: Banking
April 1, 2014 > Be financially fit this April

AGO & BBB help consumers during Financial Literacy Month 

The Washington State Attorney General’s Office has teamed up with Better Business Bureau serving Alaska, Oregon and Western Washington for Financial Literacy Month. 

The Washington State Attorney General’s Office (AGO) and a special assistant attorney general recovered $31 million for the State Investment Board (WSIB) in a settlement announced today related to the 2008 collapse of Lehman Brothers, Inc.—the largest corporate bankruptcy in history.

$49M in principal mortgage reductions for struggling homeowners and $1,000+ cash payments to eligible foreclosed borrowers in Washington state 
 

Tougher mortgage servicing standards hold Ocwen accountable for past practices, ensure fundamental servicing reforms 
 

SEATTLE — Ocwen Financial Corporation of Atlanta, Georgia, and its subsidiary, Ocwen Loan Servicing, have agreed to a joint state-federal settlement with Attorney General Bob Ferguson, 48 additional states and the District of Columbia, and the federal Consumer Financial Protection Bureau (CFPB).

OLYMPIA – The Washington State Department of Financial Institutions (DFI) and the Office of Attorney General Bob Ferguson are pleased to announce the screening of American Winter at 6:30 p.m. Oct. 24 at the Grand Theatre in Tacoma. The documentary, directed by Emmy Award-winning filmmakers Joe and Harry Gantz (Taxicab Confessions, The Defenders), follows the personal stories of eight families struggling in the wake of the economic downturn. Shot over the winter of 2011-12 in Portland, OR, this powerful film reveals the human impact of budget cuts to social services, rising poverty and economic inequality, and the fracturing of the American Dream.

16,377 Washington state borrowers received relief

Attorney General Bob Ferguson announced that the five banks covered under the National Mortgage Settlement have reported providing over $1.2 billion dollars in consumer relief to Washington homeowners. As of June 30, 2013, according to the unaudited bank reports, 16,377 Washington state borrowers have received an average of $74,763 in consumer relief. This relief includes debt reduction loan modifications on first and second mortgages, lower interest rates on underwater mortgages, and transitional assistance for those unable to remain in their homes.

In the year since state Attorneys General and the federal government reached a historic consumer protection settlement with the nation’s five largest banks, the banks report they have provided nearly $46 billion in gross relief to more than 550,000 borrowers, according to an independent monitor’s report released this morning.

SEATTLE – Thirteen Washington non-profit organizations will split the $43.8 million the state received to fund foreclosure relief as part of the landmark $25 billion national settlement with the country’s five largest mortgage servicers announced in February.

SEATTLE – Pam Bailey is one of millions of Americans laid off during the Great Recession. The single mom found herself out of a job in 2007 when the bank she worked for merged with another. Her job search was severely complicated by the crumbling economy and bills started to pile up. Bailey missed two mortgage payments on her Kent home.

President of National Association of Attorneys General addressed human trafficking, mortgage crisis

ANCHORAGE, ALASKA – Washington State Attorney General Rob McKenna today concluded his term as president of the National Association of Attorneys General (NAAG), handing the gavel to Maryland Attorney General Doug Gansler.

SEATTLE – Vianna Engel was determined to hold on to her home. “If I lose my property, my elderly mother loses her home, too,” Engel this week explained to a staff member at the Attorney General’s Office. Her mom’s single-wide mobile home sits on Engel’s property in Rochester. “She took care of me and I’m not going to let this happen to her.”

 

 State Attorney General warns borrowers to avoid mortgage-related scams

SPOKANE –  Alexa Young always made her mortgage payments “on time, every time.” Yet, like millions of Americans, recent events conspired to put pressure on the Spokane single mom’s budget, making her monthly mortgage payment harder to meet. After two expensive surgeries and a reduction in the amount of incoming child support, Young found herself at the breaking point. Her mortgage payment was nearly half of her monthly income, leaving barely enough for necessities. She contacted her lender in an attempt to work out new loan terms.

State Attorney General warns borrowers to avoid mortgage-related scams

UNIVERSITY PLACE –  About a year ago, Irene Failor was on a ladder repairing her roof. Looking down, she watched a man walk up and nail a foreclosure notice to her house. 

VANCOUVER – “I just started to accept that I was going to lose the house I raised my kids in – that I thought I’d spend my final years in,” Vancouver’s Jim Fleming explains.

State Attorney General warns borrowers to avoid mortgage-related scams

SEATTLE – The record $25 billion dollar national mortgage servicing settlement over alleged widespread mortgage fraud, negotiated by Attorney General Rob McKenna along with 48 state attorneys general and the federal government, is now finalized by court order.

SEATTLE – If history is any guide, scammers will surely try to take advantage of news of the largest consumer protection settlement in U.S. history.
 

SEATTLE – Nearly a year of intense negotiations over mortgage servicing and foreclosure abuses has resulted in the largest consumer financial protection settlement in U.S. history. Thousands of Washington state homeowners stand to benefit who have already lost their homes or are struggling with mortgages larger than the value of their property.

Urges homeowners to use non-profit, approved housing counselors instead

SEATTLE - Attorney General Rob McKenna today reminded homeowners needing assistance to avoid companies selling “foreclosure rescue,” “securitization audits” and other home loan modification schemes. 

SHORELINE – Proving once again its commitment to helping Washington homeowners avoid foreclosure, the Attorney General’s Office today provided an additional $550,000 to provide free housing counseling to distressed homeowners.

McKenna unveils training materials to empower bank employees to protect vulnerable adults

BELLEVUE – It was a story that brought new attention to a growing problem: helpless seniors preyed upon by caregivers, friends, and relatives.

OLYMPIA – The Washington Supreme Court issued a decision today in which justices unanimously agreed with the Washington Attorney General’s Office that the financial privacy provisions of the federal Gramm-Leach-Bliley Act (GLBA) don’t preempt the state Public Records Act. The ruling also clarified that information about individual mortgage borrowers is still protected as intended under federal law due to exemptions set forth under state law.

Washington’s investment fund for several public pension systems will receive $11.7 million from State Street Bank in a settlement agreement announced today by Washington State Treasurer James L. McIntire, the Washington State Investment Board (WSIB) and the Attorney General’s Office.

OLYMPIA – A group of state attorneys general and banking regulators predict a devastating acceleration of foreclosures unless policy makers step up efforts to assist homeowners. The State Foreclosure Prevention Working Group issued a report Wednesday that cited disturbing trends including a rising tide of delinquent mortgages outpacing servicer outreach and loss-mitigation efforts. The report also offered recommendations for action.

 Bipartisan group of legislators join McKenna’s call to get tough on domestic abusers, criminals who exploit children or seniors 

OLYMPIA — When shocking crimes are committed by repeat offenders, members of the public often ask elected officials why they didn’t do more to keep those criminals off the streets.

OLYMPIA -- Washington Attorney General Rob McKenna is leading a group of 40 state attorneys general in urging Congress to uphold the role of the states in enforcing consumer protection laws.
OLYMPIA – The National Association of Attorneys General (NAAG), yesterday elected Washington State Attorney General Rob McKenna as its vice president. McKenna will serve in this role through next summer, when he will become president-elect of the organization. He’ll assume the role of NAAG president in 2011.
OLYMPIA – The National Association of Attorneys General (NAAG), yesterday elected Washington State Attorney General Rob McKenna as its vice president. McKenna will serve in this role through next summer, when he will become president-elect of the organization. He’ll assume the role of NAAG president in 2011.
OLYMPIA – The Washington State Investment Board (WSIB) filed a lawsuit Wednesday to recover more than $100 million in losses related to its purchase of investments from Lehman Brothers Holdings, Inc.
State attorneys general warned federal officials years ago that there would be consequences for paying insufficient attention to meaningful consumer protection, particularly related to predatory lending practices. Only now, with record numbers of mortgages in default and the economy in crisis, do officials in the other Washington seem willing to listen.
SEATTLE – Attorney General Rob McKenna today announced a multistate settlement with ChoicePoint that resolves allegations the company failed to adequately maintain the privacy and security of consumers’ personally identifiable information. The settlement with attorneys general of 43 states and the District of Columbia stems from a 2005 data breach that compromised personal financial records of more than 163,000 consumers, including an estimated 3,000 Washington residents.

SEATTLE – Attorney General Rob McKenna today announced a $14.5 million settlement with Chase Bank and Trilegiant Corp. that resolves allegations the companies unlawfully deceived consumers into paying for memberships for programs that purportedly provided discounts for certain goods and services. The money will be shared by 15 states. Approximately 3,000 Washington consumers may be eligible for refunds.

SEATTLE – At least eight Washington state small businesses and nonprofits that lost phone and Internet services when their telecommunications provider, NorVergence, Inc., went bankrupt last year will not have to pay the full amount due on their rental contracts, the Washington State Attorney General’s Office announced today.
SEATTLE -- Attorney General Rob McKenna today announced a settlement with Cross Country Bank and Applied Card Systems that concludes an investigation into alleged deceptive credit practices.
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