20 Calls a Day? CFPB, FTC Levy Huge Fine on Mortgage Servicer
The CFPB and the FTC have announced that they have levied a $15 million civil money penalty and ordered restitution to consumers in the amount of $48 million to be paid by Green Tree Servicing, LLC. The agencies found that the servicer had illegally failed to honor loan modifications for loans from other servicers, demanded payment before offering loss mitigation options, delayed decisions on short sales, and harassed and threatened borrowers—in some cases calling borrowers as many as 20 times per day. [4/22/15]
