When was the RMBS settlement agreement approved in New York?
The RMBS Trustees accepted the Settlement Agreement for certain of the RMBS Trusts. The Settlement Agreement was approved pursuant to a court order entered August 12, 2016, which is available under Court Documents – New York State Court (Index No. 652382/2014).
When did LBHI submit a settlement offer to the RMBS trustees?
On September 5, 2017, the LBHI Debtors submitted to the RMBS Trustees a settlement offer in the form of a Settlement Agreement (the " Proposed Transferor Loan Settlement Agreement "), dated September 5, 2017, concerning certain Claims (as defined in the Proposed Transferor Loan Settlement Agreement) of the Transferor RMBS Trusts.
What if I don’t qualify for RMBS settlement relief?
If you do not qualify for relief under the RMBS settlements, other options may be available to you. For assistance in requesting a loan modification or other relief, you can contact a HUD-approved housing counselor.
What is an RMBS?
A Residential Mortgage Backed Security (RMBS) is similar to a bond that pays out based on payments from many individual mortgages. An RMBS can increase profits and decrease risk to investors.
How to contact Citibank about RMBS?
What are the settlements?
Is my bank a part of the settlements?
Can I still sue my bank if I got relief under the settlement?
Are servicemembers with disabilities or relatives of deceased servicemembers eligible for benefits under the settlements?
About this website
What is RMBS bond?
A Residential Mortgage Backed Security (RMBS) is similar to a bond that pays out based on payments from many individual mortgages.
What is RMBS mortgage?
An RMBS can contain a slew of various types of mortgages. The securities can contain all of one type of mortgage or a mix of different types. They may contain mortgages with fixed rates, floating rates, adjustable rates and mortgages of varying credit quality including prime and subprime. This variety helps allay the risk of default.
What is a Residential Mortgage-Backed Security (RMBS)?
Residential mortgage-backed securities (RMBS) are a debt-based security (similar to a bond), backed by the interest paid on loans for residences. The interest on loans such as mortgages, home-equity loans and subprime mortgages is considered to be something with a comparatively low rate of default and a comparatively high rate of interest, since there is a high demand for the ownership of a personal or family residence. Investors are attracted to this kind of security also want to be protected from the risk of default inherent with individual loans of this kind. This risk is mitigated by pooling many such loans to minimize the risk of an individual default.
Why is RMBS important?
The construction of an RMBS has the advantage of providing less risk and greater profitability to the investors. It also allows the issuing entities to raise more cash for reserves, against which they can make more loans. This in turn makes more investing capital available to business owners and entrepreneurs.
Why are mortgage backed securities used?
Residential mortgage-backed securities are utilized by financial institutions like insurance companies because of their cash flow characteristics and their relatively long lives, which can offset long-term liabilities taken on by insurance companies. Moreover, buyers of residential mortgage-backed securities often have input into how they are constructed, so they can be uniquely tailored to offset a liability or to fit other investor preferences for risk, return and timing of cash flows, for example.
What is the biggest category of RMBS?
As an indicator of their efficiency and benefit, it could be noted that the biggest single category of RMBS investors is life insurance companies . These institutions benefit from having an efficient way to invest billions of dollars in higher-interest rate investments than government bonds, while yet still taking acceptable risk.
What are the disadvantages of RMBS?
The first is systemic risk, or the risk that financial system stress could uniformly affect all investments within the pool that underlies the R MBS. This risk was evident in the 2008 financial crisis.
When was the proposed transferor loan settlement agreement?
On September 5, 2017 , the LBHI Debtors submitted to the RMBS Trustees a settlement offer in the form of a Settlement Agreement (the " Proposed Transferor Loan Settlement Agreement "), dated September 5, 2017, concerning certain Claims (as defined in the Proposed Transferor Loan Settlement Agreement) of the Transferor RMBS Trusts.
Where is the Covered Loan Settlement Agreement posted?
A copy of the Proposed Covered Loan Settlement Agreement is posted at the tab entitled " Covered Loan Settlement Agreement and Certain Relevant Documents " hereon. The letter from the Institutional Investors to the RMBS Trustees about the Settlement Offer is also posted at the tab entitled " Covered Loan Settlement Agreement and Certain Relevant Documents " hereon.
Can settlement agreements affect trusts?
The Proposed Settlement Agreements could materially affect the interests of Certificateholders of the Trusts. Certificateholders and other persons potentially interested in the Trusts should therefore read carefully all notices, documents and other information posted hereon in consultation with their legal and financial advisors.
What is the settlement agreement between Credit Suisse and the Department of Justice?
The Settlement Agreement is the deal reached between the U.S. Department of Justice and Credit Suisse in January of 2017 to resolve claims related to Credit Suisse’s creation and sale of residential mortgage-backed securities.
How to contact SPS for mortgage assistance?
Homeowners may call SPS at 1-800-258-8602 to obtain the locations and dates of upcoming outreach events. Approximately thirty days in advance of each outreach event, SPS will reach out to local homeowners whose loans are serviced by SPS and who may be eligible for mortgage assistance, and encourage them to attend. The Monitor will also post information about outreach events that will be held in the next thirty days here.
What to do if your loan is not serviced by SPS?
If your loan is not serviced by SPS, you should know that other mortgage servicers may be offering similar forms of relief. Contact your servicer to find out what options are available to you. For more information and helpful links, visit the Monitor’s Resources page.
Can you get relief from SPS?
If you are a homeowner with a loan serviced by SPS, you may be eligible for relief. However, just because your loan is serviced by SPS doesn’t necessarily mean that you are, in fact, entitled to relief — Credit Suisse will make individual determinations about eligibility and the amount of relief. If you meet the criteria for consumer relief, you may be contacted by SPS.
Does Credit Suisse monitor settlements?
The Monitor does not represent any of the parties to the Settlement Agreement. Neither Credit Suisse nor the Department of Justice may control or direct the Monitor’s work.
Is RMBS relief eligible?
Loans included in the RMBS listed in Annex 3 may be, but are not necessarily, eligible for relief.
Do you include your loan account number on the SPS?
Please, make sure you include your loan account number on each page of any piece of mail you send to SPS.
How to contact Citibank about RMBS?
Citibank/CitiMortgage: 1-866-272-4749. If you do not qualify for relief under the RMBS settlements, other options may be available to you. For assistance in requesting a loan modification or other relief, you can contact a HUD-approved housing counselor.
What are the settlements?
In 2013 and 2014, the Attorney General obtained broad-ranging settlements from three major banks (Bank of America, Citibank, and JPMorgan Chase) related to the packaging, marketing, sale, and issuance of residential mortgage backed securities (RMBS). While each settlement is different, all of the settlements provide reductions in principal balances, reductions in interest rates, and other relief to qualified homeowners. The settlements also appointed monitors to oversee the banks to make sure they comply with the settlement terms.
Is my bank a part of the settlements?
The Attorney General reached settlements with the following three banks: Bank of America, Citibank, and JPMorgan Chase. Several of these banks are or were also known by other names, including Countrywide (a trade name for Bank of America); Washington Mutual and EMC Mortgage (JPMorgan Chase); and CitiMortgage (Citibank).
Can I still sue my bank if I got relief under the settlement?
Yes. The Attorney General fought hard to prevent a release of claims by individual consumers. This means that even if you get a loan modification or other relief under one of the RMBS Settlements, you may still sue the banks for any legal claims you may have.
Are servicemembers with disabilities or relatives of deceased servicemembers eligible for benefits under the settlements?
Under the settlements, banks may donate properties to servicemembers with disabilities or to relatives of deceased servicemembers. For more information please contact the banks directly at the numbers below:
