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Tag Archives: Independent Foreclosure Review

OCC to Escheat Uncashed Foreclosure Relief Funds; Restrictions Placed on Chase, Wells Fargo

Also on Wednesday, the OCC announced that it has terminated foreclosure-related consent orders against three national mortgage servicers that have met the consent order requirements and imposed business restrictions on six banks that have not met the requirements. The six institutions that the OCC determined have not met all the requirements of the IFR were (alphabetically) Everbank, HSBC Bank USA, JPMorgan Chase Bank, Santander Bank, U.S. Bank, and Wells Fargo, and therefore the OCC issued orders to restrict their business activities.

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FED: Payment Agreement on Track

The Federal Reserve Board published a report Monday defending and showing the progress of the Independent Foreclosure Review and subsequent Payment Agreement between the board and 15 large mortgage servicers. Between April 2011 and April 2012, the Office of the Comptroller of the Currency (OCC) and the Federal Reserve issued enforcement actions against 16 mortgage loan servicers for inadequate foreclosure and mortgage loan servicing practices.

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GAO: Foreclosure Review Process ‘Without Adequate Investigation’

Findings from a review done on foreclosures by the United States Government Accountability Office (GAO) found that errors made by banks might have been much higher than believed. In September 2010, amid allegations of inappropriately signed documents, federal coordinators began on-site reviews of servicers to evaluate foreclosure processes.

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