UCI Law Clinic Boasts Dual Tracking Mortgage Practice Dwindles as Banks are Monitored
Job No. 1 of any government program is to justify its existence, which may explain the release the Weekly received from a UC Irvine School of Law clinic that California Attorney General Kamala Harris assigned to monitor five major banks as part of national mortgage abuse litigation.
Professor Katherine Porter and her UCI Law Consumer Protection Clinic boast there were twice fewer complaints of "dual tracking" in California in September than there were in August.
Under the settlement Bank of America, Wells Fargo, JPMorgan Chase, Citibank and Ally/GMAC reached with the state earlier this year, the banks had six months to implement new servicing reforms, including restrictions on dual tracking. Distressed homeowners know it as the practice where the bank is foreclosing on your property at the same time you are seeking a loan modification.
The banks agreed to phase out dual tracking by today, Oct. 3. Porter, who Kamala appointed as "California Monitor" in March, reports that goal is close to being met. According to figures her clinic compiled, of 1,482 mortgage-related complaints by state homeowners since March, at least 224 dealt with dual tracking. There were 59 dual tracking complaints in August and then only 29 last month. Click here to read the clinic's "Waiting for Change: Dual Tracking and Home Foreclosure" report.
"Restricting dual tracking is at the heart of the settlement's new rules to give families who have fallen on hard times a fair chance to keep their homes," states Porter in a law school release. "My staff and I are working hard every day to ensure that every family struggling to avoid foreclosure has a square shot at keeping its home."
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