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Tag Archives: OCC

Cashed Foreclosure Settlement Checks at 2.9M

Close to 2.9 million borrowers who received a payout under the foreclosure review settlement have cashed or deposited their check, the Office of the Comptroller (OCC) announced Friday. The cashed payments represent a value of $2.5 billion. So far, Rust Consulting, the paying agent, has sent out 3.9 million checks worth more than $3.4 billion to eligible borrowers.

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Rule Seeks Appraisal Requirement Exemptions for Higher-Priced Loans

Six financial regulatory agencies issued on Wednesday a proposed rule to exempt a subset of higher-priced mortgage loans from certain appraisal requirements. In a joint release, the agencies proposed to provide exemptions from Dodd-Frank appraisal requirements for loans of $25,000 or less, certain streamlined refinancings, and certain loans secured by manufactured housing.

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Regulators Propose Rule to Double Leverage Ratio for Biggest Banks

In separate statements Tuesday, the Office of the Comptroller of the Currency (OCC), FDIC, and the Federal Reserve Board (FRB) proposed a rule that would require insured depository institutions of certain banks to meet a 6 percent supplementary leverage ratio to be considered ""well capitalized."" The proposal would also require covered bank holding companies to maintain a tier 1 capital leverage buffer of at least 2 percent above the minimum supplementary leverage ratio requirement of 3 percent, for a total of 5 percent, the regulators stated.

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Fed Approves of Final Rule for Basel III Implementation

The Basel III reforms were created to address ""shortcomings in capital requirements, particularly for larger, internationally active banking organizations, that became apparent during the recent financial crisis."" The Fed also announced a number of changes in the rule designed to address concerns about the regulatory burden on smaller community banks.

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OCC: 90% of Mortgages Current in Q1 as Foreclosure Efforts Continue

Mortgage performance improved in the first quarter of this year, with 90.2 percent of mortgages current and performing, the Office of the Comptroller of the Currency (OCC) reported Thursday. The share is up from 89.4 percent in the previous quarter and 88.9 percent a year ago. For the most part, delinquencies and foreclosures were down across the board, with the exception of early delinquencies and newly initiated foreclosures. Though, despite a near 14 percent quarterly increase in newly initiated foreclosures, home retention actions far outpaced new foreclosures in the first quarter.

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OCC: 2.7M Foreclosure Review Checks Cashed Out of the 3.9M Sent

The Office of the Comptroller of the Currency announced more than 2.7 million foreclosure review checks have been cashed or deposited as of June 13. The cashed checks are valued at $2.4 billion and are part of a foreclosure review settlement reached between federal regulators and 13 servicers.

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Foreclosure Sales in West Down in May; Likely to Increase in June

Foreclosure sales decreased in all five Western states tracked by PropertyRadar--Arizona, California, Nevada, Oregon, and Washington--over the month of May. PropertyRadar attributes the decreases in foreclosure sales to new guidance from the Office of the Comptroller of the Currency. The guidance established minimum standards for handling borrower files subject to a foreclosure sale within 60 days. In California, foreclosure sales from Citi were down 50 percent, and foreclosure sales from Wells Fargo were down 75 percent over the month of May in California, according to PropertyRadar.

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OCC Update: Cashed, Deposited Foreclosure Review Checks at 2.6M

As of the end of May, borrowers have cashed or deposited 2.6 million foreclosure review checks, according to the latest update from the Office of the Comptroller of the Currency (OCC). The checks are valued at $2.3 billion and are part of a foreclosure settlement reached in January between the OCC, the Federal Reserve Board, and 13 servicers.

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