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U.S. Mortgage Servicers? $25 Billion Settlement Shouldn?t Affect Ratings Feb 12
Standard & Poors, Feb 2012
Abstract
On Feb. 9, the five largest mortgage servicers reached a long-awaited settlement with the U.S. government and 49 state attorneys general. The settlement addresses mortgage loan servicing and foreclosure abuses and puts to rest state and federal investigations asserting that these companies' mortgage servicing activities violated certain civil laws. Oklahoma was the lone holdout: The state's attorney general thought the settlement overreached the power of state attorneys general. Nonetheless, Oklahoma will still receive compensatory damages for violations of state law. The five banks that own the servicers included in the settlement are Ally Financial Inc. (B+/Stable/C), Bank of America Corp. (A-/Negative/A-2), Citigroup Inc. (A-/Negative/A-2), JPMorgan Chase & Co. (A/Stable/A-1), and Wells Fargo & Co. (A+/Negative/A-1). The state and federal coalition...
Companies mentioned in this report are: Ally Financial Inc.,Bank of America Corp.,Wells Fargo & Co.,JPMorgan Chase & Co.,Citigroup Inc.
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research Type: Commentary
Criteria articles describe the thought process and methodology Standard & Poor's analysts use in determining ratings. These commentary pieces discuss both the quantitative (economic and financial) and qualitative (business analysis and caliber of management) aspects of the analysis, as well as legal issues.
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