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Tag Archives: OCC

OCC: More than 2.4M Foreclosure Review Checks Cashed

In its most recent update on the status of foreclosure review checks, the Office of the Comptroller of the Currency (OCC) announced more than 2.4 million checks valued at $2.2 billion have been cashed or deposited as of May 16. So far, Rust Consulting, the paying agent, has sent 3.9 million checks totaling $3.4 billion. About 4.2 million borrowers are eligible for relief as part of the foreclosure review settlement reached in January between federal regulators and 13 servicers.

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More than 2.2M Foreclosure Review Checks Cashed, 3.9M Sent

As the stream of foreclosure review settlement checks continue to be released, the Office of the Comptroller of the Currency (OCC) provided another update on the status of the checks' whereabouts. So far, after unleashing the first round of payments April 12, more than 2.2 million recipients have cashed or deposited more than $2 billion in checks as of May 9.

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Over 1M Foreclosure Review Checks Cashed; 3rd Round Sent

A third round of 927,000 foreclosure review checks was sent out Friday, the Office of the Comptroller of the Currency (OCC) announced. The most recent batch of checks is valued at $794 million. As of April 25, 1,150,328 recipients have cashed or deposited $1.1 billion in checks from the foreclosure settlement reached in January with federal regulators and 13 servicers. So far, more than 3.7 million checks worth $3.2 billion have been mailed off to eligible borrowers under the settlement.

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OCC Announces Send Off for 2nd Batch of Foreclosure Review Checks

The Office of the Comptroller of the Currency (OCC) announced the second wave of payments resulting from the foreclosure settlement with federal regulators and 13 servicers was sent Friday. The most recent batch of relief payments includes 1.4 million checks totaling $1.2 billion. So far, 2.8 million checks totaling $2.4 billion have been sent.

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Hearing Raises Foreclosure Settlement Concerns

As more details of the foreclosure settlement emerge, additional concerns and questions continue to be raised. During a hearing before a Senate committee, Debby Goldberg of the National Fair Housing Alliance addressed a handful of those concerns. One issue dealt with how the 13 servicers part of the settlement would receive credit for the $5.7 billion in mortgage assistance they agreed to provide. Goldberg says that unlike the national mortgage settlement (NMS), the Independent Foreclosure Review settlement ""bases the amount of credit the servicer receives on the unpaid balance of the loan, rather than the amount of assistance provided to the borrower.""

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Fed: Problems with Cashing Foreclosure Settlement Checks Corrected

Although about 50,000 checks from the recent foreclosure settlement have been cashed or deposited as of Monday, according to the Federal Reserve and the Office of the Comptroller of the Currency (OCC), not all recipients were able to cash their checks due to insufficient funds. In a statement issued Wednesday, the Fed announced ""early problems with some checks have been corrected"" and ""funds are available to cash all checks."" The Fed stated early recipients of the checks called the Fed's consumer helpline on Tuesday after being told their checks could not be cashed.

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First Wave of Payments from Foreclosure Settlement Set for April 12

The first wave of checks for eligible borrowers covered by the recent foreclosure agreement with 13 mortgage servicers will be sent April 12, the Federal Reserve and the OCC announced Tuesday. About 4.2 million borrowers should expect to receive checks ranging $300 to $125,000. The first phase of payments will include 1.4 million checks, with the final phase of payments scheduled to be sent in mid-July 2013.

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Watchdog Report Identifies Flaws in Foreclosure Review Process

When federal regulators announced the abrupt ending of the Independent Foreclosure Review in place of a new agreement, the conclusion to the review process led to more questions than answers. To identify challenges in the foreclosure review process, the Government Accountability Office (GAO) undertook its own investigation. In a report, the GAO identified three hurdles that prevented federal regulators from achieving their goals through the foreclosure review: complexity of the reviews, overly broad guidance, and limited monitoring.

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Fitch: High Rate of Unsuccessful Mods Threatens Asset Quality

Servicers continue to make strides in home retention efforts, completing more than 360,000 retention actions in the fourth quarter of 2012. However, Fitch Ratings detects continued weak asset quality trends, especially among loans modified from 2008 through 2010. In fact, Fitch's findings lead the agency to fortify its belief that troubled debt restructurings should be counted as nonperforming assets. ""[W]e regard the high delinquency and foreclosure rates for recently modified mortgages as reflective of still elevated residential mortgage asset quality problems,"" Fitch said.

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