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U.S. Mortgage Servicers' $25 Billion Settlement Is Unlikely To Affect Ratings, Article Says Feb 12
Standard & Poors, Feb 2012
Abstract
NEW YORK (Standard & Poor's) Feb. 10, 2012--The $25 billion settlement the five largest mortgage servicers reached with the U.S. government and 49 state attorneys general on Feb. 9 shouldn't negatively affect the ratings on the companies, said an article published today titled 'U.S. Mortgage Servicers' $25 Billion Settlement Shouldn't Affect Ratings.' 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. 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.
Action: General Comment
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: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
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