OCC Releases Public Service Ads About the Independent Foreclosure Review
WASHINGTON — The Office of the Comptroller of the Currency today released print and radio public service advertisements to increase awareness of the Independent Foreclosure Review, announced in November 2011.
The public service items include a feature story, distributed to 7,000 small newspapers throughout the country, and two 30-second radio spots distributed to 6,500 small radio stations. The material will be distributed in English and Spanish. Below is the text of the feature story for use:
Your “Independent” Foreclosure Review
Did you face foreclosure in 2009 or 2010? If so, the Office of the Comptroller of the Currency says you may be eligible for a free independent review of your case.
Independent foreclosure re views let borrowers who faced foreclosure on their primary residences between January 1, 2009 and December 31, 2010 request reviews of their cases if they believe they suffered financial injury as a result of errors in the foreclosure processes of these servicers: America’s Servicing Company, Aurora Loan Services, Bank of America, Beneficial, Chase,Citibank, CitiFinancial, Citi Mortgage, Country-Wide, EMC, EverBank/Everhome, Freedom Financial, GMAC Mortgage, HFC, HSBC, IndyMac Mortgage Ser vices, MetLife Bank, National City, PNC, Sovereign Bank, Sun-Trust Mortgage, U.S. Bank, Wachovia, Washington Mutual, and Wells Fargo.
The reviews will determine whether individuals suffered financial injury and should receive compensation or other remedies due to errors or other problems during their home foreclosure process. The reviews were ordered by the Office of the Comptroller of the Currency and the Board of Governors of the Federal Reserve in April 2011 after the federal regulators found unsafe and unsound mortgage servicing and foreclosure practices among these large, federally regulated mortgage servicers.
Situations that may have led to financial injury include, but are not limited to:
- The mortgage balance at the time of the foreclosure action was more than you actually owed.
- Fees charged or mortgage payments were inaccurately calculated, processed or applied.
- You were doing everything a modification agreement required but the foreclosure sale still happened.
- The foreclosure action occurred while you were protected by bankruptcy.
- A foreclosure proceeded on a military member in violation of Servicemembers Civil Relief Act protections.
More than 4 million letters were mailed to potentially eligible borrowers with request-for-review forms and instructions on how to complete and return them. The form lets you describe what you think went wrong. Simply answer the questions to tell your story, include any additional documents you think relevant and return the form by April 30, 2012.
If you believe you are eligible and have not received a form, you can request one from (888) 952-9105, Monday through Friday from 8 a.m. to 10 p.m. (ET) and Saturday from 8 a.m. to 5 p.m. (ET).
For additional information and answers to basic questions about the review process, visit www.IndependentForeclosureReview.com. Reviews are conducted by independent consultants working under the direction of the federal regulators and may take several months to complete.
You can learn more at www.occ.gov/independentforeclosurereview.
Related Links
- Print Feature—Your Independent Foreclosure Review (PDF)
- Radio Scripts 1—Money Matters: Independent Foreclosure Review (PDF)
- Radio Script 2—Consumer Corner: Foreclosure Review (PDF)
For more info on the Independent Foreclosure Review see links below…
Independent Foreclosure Review | Adam Levitin – More Rot in the OCC Foreclosure Reviews
Posted by 4closureFraud on December 30, 2011
“There are definitely problems that would come from putting the OCC under appropriations–I don’t relish the thought of politicized bank regulation. But the choice isn’t between politicized bank regulation and perfect bank regulation. Instead, the choice is between politicized bank regulation and captured bank regulation. And I’d take the former 7 times a week and … Read more
Independent Foreclosure Review Fail | NY Times – Foreclosure Relief? Don’t Hold Your Breath
Posted by 4closureFraud on December 28, 2011
Foreclosure Relief? Don’t Hold Your Breath BUT Michael Olenick, a specialist in mortgage research, said he spotted a conflicted consultant after one hour of digging. Allonhill, a smallish firm appointed by Aurora Bank, a mortgage servicer, is headed by Sue Allon, whose previous small firm acted as credit risk manager in a 2003 mortgage pool … Read more
Michael Olenick: The Administration Likes Foxes in Charge of Henhouses – Proof that OCC Foreclosure Reviews Are a Sham
Posted by 4closureFraud on December 22, 2011
Michael Olenick: The Administration Likes Foxes in Charge of Henhouses – Proof that OCC Foreclosure Reviews Are a Sham By Michael Olenick, founder and CEO of Legalprise, and creator of FindtheFraud, a crowd sourced foreclosure document review system (still in alpha) “There Goes the Neighborhood,” which ran on 60 Minutes last Sunday, is a must-see … Read more
Independent Foreclosure Review | OCC Says Independent Consultants Can’t Contact Borrowers
Posted by 4closureFraud on December 15, 2011
OCC Says Independent Consultants Can’t Contact Borrowers The independent consultants hired by bank servicers to review and assess the claims of millions of borrowers who may have been harmed in the foreclosure process will not be able to contact these borrowers directly or even talk with housing counselors, according to testimony at a Senate … Read more
OCC Independent Foreclosure Review | We Represent the Government, and We Are Here to Screw You
Posted by 4closureFraud on November 27, 2011
“The consensus amongst those who watch these things carefully is don’t take the bait. To put it bluntly, why would you ever rely upon those who have been torturing you for so long to show you the way to find relief from the torture? All they are doing is moving you from the room with … Read more
JPMorgan’s Independent Foreclosure Review Firm Deloitte & Touche LLP Recenly Sued for Failing to Detect Fraud that Led to more than $7 Billion in Losses
Posted by 4closureFraud on November 22, 2011
I can’t believe that I am still amazed by the actions by the banks and their minions. The first thing that jumped out at me RE the independent reviews was JPMorgan’s choice of firms, Deloitte & Touche. I guess if I were JPMorgan, I would pick the firm that is most likely to fail to … Read more
OUTRAGEOUS | Miriam Mendieta, Esq., Former Managing Partner of David J. Stern’s Fraud Factory to Lead Review of 4.5 Million Foreclosure Cases
Posted by 4closureFraud on November 21, 2011
You all are not going to believe this one…. Just when you thought they couldn’t be more outrageous, we have this… ~ Foreclosure Review Services (FRS), Industry Veterans to Lead Review of 4.5 Million Foreclosure Cases Foreclosure industry veterans to provide foreclosure review services in response to the Office of the Comptroller of the Currency’s … Read more
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4closureFraud.org
OCC Foreclosure Fraud Review Tips
First check your eligibility.
From the OCC Independent Review site, http://www.independentforeclosurereview.com/
Si usted habla español, tenemos representantes que pueden asistirle en su idioma.
Homeowners whose primary residence was part of a foreclosure action between January 1, 2009 and December 31, 2010, and whose home loan was serviced by a participating servicer, may be eligible for an Independent Foreclosure Review.
The Board of Governors of the Federal Reserve System and the Office of the Comptroller of the Currency (federal bank regulators) have required an Independent Foreclosure Review by an independent consultant to identify eligible customers who may have been financially injured due to errors, misrepresentations or other deficiencies in their foreclosure process. If the review finds that financial injury occurred, the customer may receive compensation or other remedy.
To qualify, your mortgage loan would need to meet the initial eligibility criteria:
- Your mortgage loan was serviced by one of the participating mortgage servicers.
- Your mortgage loan was active in the foreclosure process between January 1, 2009 and December 31, 2010.
- The property was your primary residence.
Eligible customers will be mailed a letter by December 31, 2011 that explains the Independent Foreclosure Review process and a Request for Review Form that identifies some examples of situations that may have led to financial injury. The form must be completed and postmarked no later than April 30, 2012.
Julie Williams, First Senior Deputy Comptroller and Chief Counsel Office of the Comptroller of the Currency provided written and verbal testimony to Congress on December 13, 2011. She enumerated the faulty OCC Interdependent Foreclosure Fraud Review Process. Please read her testimony here.
Read all twenty-two items listed on page 13-15. Using the exact language, transcribe each and every item that fits your scenario.
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Itemized list from testimony
- The borrower was not in default pursuant to the terms of the note and mortgage at the time the servicer initiated the foreclosure action.
- The servicer initiated foreclosure or conducted a foreclosure sale in advance of the time allowed for foreclosure under the terms of the note and mortgage or applicable state law.
- The borrower submitted payment to the servicer sufficient to cure the default pursuant tothe terms of the note and mortgage, but the servicer returned the payment incontravention of the terms of the note or mortgage, state or federal law, or the servicer’s stated policy covering payments when in default.
- The servicer misapplied borrower payments, did not timely credit borrower payments(including failure to properly account for funds in suspense), or did not correctly calculate the amount actually due from the borrower, in contravention of the terms of the note and mortgage, state or federal law, investor requirements, or the servicer’s stated policy covering application of payments.
- The borrower paid a fee or penalty that was impermissible.
- A deficiency judgment was obtained against the borrower that included the assessment of a fee or penalty that was impermissible.
- The servicer placed an escrow account on the mortgage and the placement resulted in monies paid by the borrower into escrow in contravention of the terms of the note or mortgage, state or federal law, or the servicer’s stated policy covering escrow accounts.
- The servicer placed insurance on the mortgage and the placement resulted in monies paid by the borrower towards insurance in contravention of the terms of the note or mortgage,state or federal law, or the servicer’s stated policy covering placed insurance.9.
- The servicer miscalculated the amount due on the mortgage and secured a judgment against the borrower for an amount greater than the borrower owed.
- A borrower’s remittance of funds to a third party acting on behalf of the servicer was no tcredited to the borrower’s account.
- The borrower was performing under the terms of an approved trial loan modification oran approved permanent loan modification, but the servicer proceeded to foreclosure incontravention of the terms of the modification offered by the servicer to the borrower.
- A borrower was denied a modification in contravention of the terms of the governing modification program or the servicer’s stated policy covering modifications.
- There is evidence that the borrower provided or made efforts to provide completed documentation necessary to qualify for a modification within the period such documentation was required to be provided by the governing modification program and the servicer denied the loan modification in contravention of the terms of the governing modification program or the servicer’s stated policy covering modifications
- The servicer initiated foreclosure or completed a foreclosure sale without providingadequate notice as required under applicable state law
- The servicer foreclosed on or sold real property owned by an active military servicemember in violation of SCRA.
- The servicer did not lower the interest rate on a mortgage loan entered into by a military servicemember, or by the service member and his or her spouse jointly, in accordance with the requirements of SCRA.
- The servicer failed to honor a borrower’s bona fide efforts to redeem a sale under applicable state law during the redemption period.
- The borrower was protected by the automatic stay under the bankruptcy code and a courthad not granted a request for relief from the automatic stay or other appropriate exceptionunder the bankruptcy code.
- The borrower was making timely pre-petition arrearage payments required under an approved bankruptcy plan and was current with their post-petition payments.
- The borrower purchased a payment protection plan; was or should have been receiving benefits under the plan; and those benefits were not applied pursuant to the contract.14
- The servicer was not the proper party, or authorized to act on behalf of the proper party,under the applicable state law to foreclose on the borrower’s home, and this resulted in or may result in multiple foreclosure actions or proceedings.22. The servicer failed to comply with applicable legal requirements, including those governing the form and content of affidavits, pleadings, or other foreclosure-related documents, where such failure directly contributed to: (a) the borrower paying fees,charges, or costs, or making other expenditures that otherwise would not have been paid or made; or (b) the initiation of a foreclosure action or proceeding against a borrower who otherwise would not have met the requirements for initiating such an action
Add details and documents that are specific to your case.
Don’t neglect other issues; escrow manipulation, misapplication of payments, and the recording/use of false/fraudulent/questionable/fabricated documents for the purpose of foreclosing.
Quote any applicable state statutes (ie: notarization procedures, felony recording false property records) that apply.
From the same Congressional hearing is full testimony of Alys Cohen from the National Consumer Law Review which provides more insight and pitfalls of the process here. A warning quote from her testimony may provide guidance on adding written language to the application that states one is explicitly refusing to waive rights in exchange for any available relief.
The consent orders and the foreclosure review process as enunciated to date lack the rigor and breadth to ensure that homeowners are protected during the review process. The process may also be affirmatively harmful. Homeowners could be required to waive their rights in exchange for any available relief. Homeowners may be discouraged from pursuing other avenues of saving their homes by their misplaced reliance on this process. If so, homeowners could ultimately lose their homes in exchange for the uncertain and limited compensation provided under the foreclosure reviews.
From the US Senate Banking Committee site on the December 13, 2011 hearing:
Helping Homeowners Harmed by Foreclosures: Ensuring Accountability and Transparency in Foreclosure Reviews
Housing, Transportation, and Community Development
Tuesday, December 13, 2011
02:30 PM – 04:30 PM
538 Dirksen Senate Office Building
VIDEO OF HEARING [click here to view archive webcast]
Met in OPEN SESSION to conduct a hearing entitled “Helping Homeowners Harmed by Foreclosures: Ensuring Accountability and Transparency in Appeals.” The witness on Panel I will be: Ms. Julie Williams, First Senior Deputy Comptroller and Chief Counsel, Office of the Comptroller of the Currency. The witnesses on Panel II will be: Ms. Alys Cohen, Staff Attorney, National Consumer Law Center; Mr. David Holland, Executive Vice President, Rust Consulting, Inc.; Mr. Paul Leonard, Vice President of Government Affairs, Housing Policy Council of the Financial Services Roundtable. Additional witnesses may be announced.
Witnesses
Panel 1
- Honorable Julie Williams [view testimony]
First Senior Deputy Comptroller and General Counsel
Office of the Comptroller of the Currency
Panel 2
- Ms. Alys Cohen [view testimony]
Staff Attorney
National Consumer Law Center - Mr. David Holland [view testimony]
Executive Vice President
Rust Consulting, Inc. - Mr. Paul Leonard [view testimony]
Vice President of Government Affairs
Housing Policy Council of the Financial Services Roundtable - Dr. Anthony B. Sanders [view testimony]
Professor of Finance
George Mason University School of Management - Ms. Ann M. Kenyon [view testimony]
Partner
Deloitte & Touche LLP - Mr. Konrad Alt [view testimony]
Managing Director
Promontory Financial Group, LLC
The OCC Press Release from Nov 2011 on the Independent Review process with links & phone numbers is here.
Dec 15, 2011 National Consumer Law Center press release demanding the reviews be removed from the OCC and taken over by the Consumer Financial Protection Bureau here.
Please keep us updated. We are very interested in tracking and reporting about this process.
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Got the results of the independent foreclosure review yesterday Feb.28,2013, not eligible..Auroraloans says your not in the foreclosure process between 2009-2011 when you are on the HAMP trial and they fail to make it permanent, then put you on it again and deny you on you second payment for “too much forbearance”, then do a standard mod.and never send you a denial..
Also want to thank the OCC for changing the rules in January 2013, only legalities…did you also change the remediation framework for 3a? This whole experience has been like having a loved one diagnosed with cancer, go into remission a few times, and then pass away. Giving the public so much false hope over and over is so cruel…
Although I have been subscribed to this newsletter for a while, I did not see this until now, and wish I had! My attorney advised me to respond, and I sent off a packet (they paid for the postage, so why not? and it gives them more information than what’s being gathered by the form).
It disturbs me to read that the independent reviewers can’t contact the borrowers, because the form is not very thorough. It only gives a starting point needed for a more in-depth review. The other item that concerned me – and on which there is no further information given – the survey states that I can have a independent reviewer other than my mortgage company review my case. So, is the review really done by a truly independent reviewer, or one hired by my mortgage company?
If they cannot contact the buyer why are they mailing out paperwork to the buyers? Also, as i said before, all they want is for us to help them hang us more…they want to know what we have so they can plan their strategy and so they can correct their mess and do whatever else they can do using our information to reinforce their fraud…go figure…what happens if one does not respond to their mail?
I think this is just way to give you rights to fight them later on for Fraud
why give up your legal rights by submitting to this OCC sham review? the questionaire doesn’t even make good bird cage liner.
There is no “fix’ for fraud…that is why they can see no fraud… Well, the State AG’s office told me that there is fraud in EVERYONES MORTGAGE…So in that case…time to rescind…The law is the law and any act of fraud in a legal contract nullifies the legal contract…
Hmmm…Looks like a weak attempt by the pawns of the bank, OCC, to pretend they want to help consumers harmed by the very banks they cater to, …kinda like, CYA after the fact sherlocks!
I wrote these scumbags with concerns of banks wrongdoings re my mortgage in 2007 & recieved a letter back by the OCC in which,after a supposed investigation of my complaints, made decisions in favor of the banks. Kinda reminds me of the old cartoon Rocky & Bullwinkle, ….”say rocky, watch me pull a rabbit outta my hat’…, but never did! Sure the OCC wants to help the consumer…but, I hardly believe the continued lies of the OCC! OCC’s track record, supposed bank regulators, speaks for itself. It’s still just a bunch of ‘bull_winkle!’
It’s time to stand up against bank fraud. Sue them bank ‘ba*tards’ royally!
Exactly what has happened and now the same people that put your very lives at stake now want to review your foreclosure so they can tell you how badly they ripped you off and what thier not going to pat you.You in turn give up your rights to pursue this any farther.Sounds like a plan to me.