One of the most critical elements of the Attorney General Fascism Mortgage Fraud Sellout Agreement, was the requirement that the servicers pay money to soldiers who they terrorized and abused, often while these soldiers were being shot at or were otherwise in harm’s way.
But there is no way for any of us to know if the servicers are in fact complying with these important provisions of the act.
Far too often, our men and women in uniform, along with their families, suffer the same abuses that civilians do….but when they suffer it’s a national security issue.
IF SOLDIER’S DO NOT STAND UP, THEY WILL LOSE THEIR RIGHTS
In exchange for a full release of the United States’1 potential civil claims2 under the
Servicemembers Civil Relief Act (” SCRA”), 50 U.S.C. app. § 501, et seq., arising prior to the
date of this agreement against Servicer3 with respect to the servicing of residential mortgages,
under (a) Section 521 of the SCRA, as it pertains to mortgage foreclosure, and (b) Section 527 of
the SCRA, prohibiting charging more than 6% interest on SCRA-covered mortgaged debt after a
valid request by a servicemember to lower the interest rate and receipt of orders, Servicer agrees
to the provisions set forth below.
I. Servicer shall comply with all the ” Protections for Military Personnel” provisions in the
Settlement Agreement (” Article V”). In addition, Servicer shall undertake additional
remedial action and agree to the policy changes set forth below.
II. Compensation for Servicemembers and Co-Borrowers
a. Violations of Section 521 of the SCRA related to completed foreclosures on
active duty servicemembers: Servicer will engage an independent consultant
whose duties shall include a review of all completed foreclosures from January 1, 2006 to the present to evaluate whether the completed foreclosures were in
compliance with Section 521 of the SCRA.
Where DOJ determines that a foreclosure was not in
compliance with the SCRA, Servicer shall compensate the borrowers (i.e., any
individual(s) who signed the note with respect to a foreclosed property) by
providing:
(1) an amount of $116,785.00 to the servicemember-borrower or an amount
consistent with what was provided under the OCC Consent Order Independent Review Process for similar violations of Section 521 of the SCRA, whichever is
higher;
