OCC Releases Status Report on Fixing Deficient Fraudclosure Practices

OCC Releases Status Report on Fixing Deficient Foreclosure Practices

WASHINGTON — The Office of the Comptroller of the Currency (OCC) issued a report today on the actions by 12 national bank and federal savings association mortgage servicers to comply with consent orders issued in April 2011 to correct deficient and unsafe or unsound foreclosure practices.

The report, “Interim Status Report: Foreclosure-Related Consent Orders,” summarizes progress on activities related to the independent foreclosure review announced November 1, 2011, as well as other activities to enhance mortgage servicing operations, strengthen oversight of third-party service providers and activities related to Mortgage Electronic Registration Systems (MERS), improve management information systems, assess and manage risk, and ensure compliance with applicable laws and regulations.

While much of the work to correct identified weaknesses in policies, operating procedures, control functions, and audit processes will be substantially complete in the first part of 2012, other longer term initiatives will continue through the balance of 2012.

In addition to the interim report, the OCC also released engagement letters that describe how the independent consultants, retained by the servicers, will conduct their file reviews and claims processes to identify borrowers who suffered financial injury as a result of deficiencies identified in the OCC’s consent orders.  The letters identify the names of the independent consultants conducting the reviews and include language stipulating that consultants would take direction from the OCC throughout the reviews.  This language specifically prohibits servicers from overseeing, directing, or supervising any of the reviews.  Limited proprietary and personal information has been redacted.  The review process being implemented at some companies may differ from that described in the engagement letters because of subsequent coordination with the OCC to ensure a consistent process among the servicers.

Related Links

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4closureFraud.org

Comments
14 Responses to “OCC Releases Status Report on Fixing Deficient Fraudclosure Practices”
  1. Mary says:

    They are ALL in bed with each other. This is just a distraction tactic. Keep your eye on the ball and spread the word. LOUDLY!!!

  2. lvent says:

    HELLS BELLS…

  3. Glenda Chauncy says:

    My friends….this is a JOKE…called this number for multiple homeowners. I was TOLD by this 3rd party company that has been hired by the banks/servicing companies that the bank/servicing company did a “PICK AND CHOOSE” who they send out an application to!!!! NOT all loan numbers that are “QUALIFIED” for this program are going to be considered!!! So I asked was this determined by age, race, or sex??? They were not very happy with my question to say the least…can we say DISCRIMINATION????????? Can’t wait to bust their asses on this one in the future!!!!

  4. j. Alonzo says:

    My fellow Americans, we have become The Sheeple. Its only getting worse. They go after the Sheeple and make
    go to jail if we defraud the banks. The banksters and all of Wall Street along with the rating agencies have not been charged with anything. They were bailed out with our tax dollars. Fight the good fight. We need real change.
    A real leader. Ron Paul for President! This video is an older one, but I love the message. http://www.youtube.com/watch?v=pgNzOy5Y1vM&feature=youtube_gdata_player

  5. Paul Davis says:

    The OCC is Bankster controlled and owned. As recently fired/loser debt collector Baum would say “There is blood on your hands OCC!”
    When will the OCC admit they enabled predatory lending, and fought on behalf of TBTF Banks over rights of the people? The press continues to give the predators legitimacy.

  6. lvent says:

    DEFICIENT PRACTICES IS A CODE WORD LIKE ROBOSIGNING FOR COVER UP THE MASSIVE FRAUD…

  7. lvent says:

    CAN THEY EXPLAIN WHY IT IS ONLY CORRUPTION WHEN THE INVESTORS GET ROBBED?

  8. lvent says:

    OCC=OVERT COVER CORRUPTION

  9. lvent says:

    Please watch the latest Keiser Report: http://maxkeiser.com/

  10. lvent says:

    Bloomberg reporting Hank Greenburg sues the U.S. Govt. for AIG takeover….The suit says the U.S GOVT. engaged in Unconstitutional Practices by wiping out shareholders..

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