PROVIDENCE, R.I. -- Attorney General Peter F. Kilmartin said Wednesday that consumers continue to report problems with lenders involved in the foreclosure-abuses settlement reached in 2012 with 49 state attorneys general.
Monitor Joseph A. Smith Jr. reported Wednesday that four of the five banks (Bank of America, Citibank, Wells Fargo, and JP Morgan Chase) failed to meet at least one of the 29 servicing criteria in the settlement.
"The monitor's report reflects what we hear from Rhode Island homeowners -- the banks continue to engage in some of the behavior that led this country into the housing crisis," Kilmartin said.
The investigation began in 2010 after reports surfaced that banks were foreclosing and evicting people using false or incomplete documentation.
Continuing problems include access to a "single point of contact" -- one person who is responsible for communicating with a borrower, and "dual tracking," in which foreclosures proceed before a borrower gets an answer on a loan modification request.