The paying agent, Rust Consulting, Inc. will mail payments to eligible borrowers of Federal Reserve supervised servicers who cashed or deposited their initial checks from the Independent Foreclosure Review Payment Agreement.
Read More »OCC Lets JPMorgan Chase and EverBank Off the Hook, Sort Of
The OCC has terminated mortgage-related consent orders against JPMorgan Chase and EverBank. ending business restrictions that were mandated against them in mid-2015. But the two banks did not emerge completely unscathed.
Read More »Fed to Affected Borrowers: Use Foreclosure Relief Funds or Lose Them
Borrowers who are owed relief funds under the Independent Foreclosure Review may lose that money if they do not meet the Fed's deadline for requesting a replacement check.
Read More »Watchdog Is Examining Borrower Population of Foreclosure Settlement at Congress’ Request
Waters made the request after reports surfaced earlier in March that one of the borrowers named in the settlement, Citigroup, had missed paying some 24,000 borrowers who were owed money.
Read More »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.
Read More »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.
Read More »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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