Federal Reserve Governor Sarah Bloom Raskin Urges Penalties on Mortgage Servicers

Raskin Urges Penalties on Mortgage Servicers

WASHINGTON (Reuters) – Federal Reserve Governor Sarah Bloom Raskin on Saturday said the Fed must impose monetary penalties on banks who entered into an April agreement with regulators over how to fix problems in their mortgage servicing businesses.

“The Federal Reserve and other federal regulators must impose penalties for deficiencies that resulted in unsafe and unsound practices or violations of federal law,” Raskin said in remarks to the Association of American Law Schools. “The Federal Reserve believes monetary sanctions in these cases are appropriate and plans to announce monetary penalties.”

Raskin did not say when the penalties will be announced.

She said that “appropriately sized” penalties would “incentivize mortgage servicers to incorporate strong programs to comply with laws when they build their business models.”

Rest from Reuters here…

Copy of the speech below…




Creating and Implementing an Enforcement Response to the Foreclosure Crisis

4 Responses to “Federal Reserve Governor Sarah Bloom Raskin Urges Penalties on Mortgage Servicers”
  1. Ali says:

    I for one will not have any dealings with the OCC. I put in 2 complaints and they blew me off and then I put in an appeal and they blew me off, so F them, I’ll take my chances in court. I’ve worked very hard in uncovering the massive fraud in my own case. When I get done with mine I will offer my help to anyone who needs it. Right now I playing mind games with the orininator of our loan and I think they’re shittting in their pants. I call them evertday and ask “How come the closing papers I went home with don’T match the papers filed (or not filed) with the Recorders office?” I want them to know I’m coming for them, one way or another!!!!!!!!!!

    • Good for you! Are you filed as Propria Persona, unfortunatley I did not catch that until recently. You would thing Pro Se says it all. We are not skilled in litigation. But “NOPE” YOU have to discover Propria Person, that means you really really are not skilled in litigation, just winging it to defend your house. “Ridiculous”.

  2. lvent says:

    The FED wants to penalize servicers for carrying out orders for the NEW WORLD ORDER??? They are an effing joke….Fraudclosure has never been about the money for the NEW WORLD ORDER….! This is about stealing everything from the people under the guise of debt…….the debt of their perps……700 trillion dolllars worth of unsustainable debt!!!!! They are just kicking the can…….shut the big banks down……!!!! They are INSOLVENT!!!! ABOLISH THE FED!!!!!!! RESTORE THE U.S. CONSTITUTION!!!!!

  3. Tee says:

    Amen !!!!!!! I hope IndyMac Bank is on that list…Off the subject, man, that Bill O’Reilly from FOX news is such an arrogant ole fa$$…..I just blocked FOX news from my computer….

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