The Justice Department today announced a major victory for servicemembers under the Servicemembers Civil Relief Act (SCRA). The Justice Department reached a settlement with a group of mortgage servicers for improperly foreclosing on servicemembers’ homes. The five mortgage servicers are JP Morgan Chase Bank N.A. (JP Morgan Chase); Wells Fargo Bank N.A. and Wells Fargo & Co. (Wells Fargo); Citi Residential Lending Inc., Citibank, NA and CitiMortgage Inc. (Citi); GMAC Mortgage, LLC, Ally Financial Inc. and Residential Capital LLC (GMAC Mortgage); and BAC Home Loans Servicing LP formerly known as Countrywide Home Loans Servicing LP (Bank of America).
The DOJ press release is available here.