Fed Holds Up $10 Billion Fraudclosure Pact With Banks, OCC

Fraud Settlement

Fed Holds Up $10 Billion Mortgage Pact With Banks, OCC

The largest U.S. banks and the Office of the Comptroller of the Currency have agreed to a $10 billion settlement that would halt a lengthy review of thousands of foreclosure cases, according to people familiar with the discussions. But a final deal is being held up by the Federal Reserve, the people said.

The banks and the OCC would like to wrap up a pact as soon as this weekend, these people said, ahead of the release of 2012 results starting next week. The terms under discussion would have 14 large banks pay a total of $3.75 billion in cash and the balance in other forms of borrower relief, these people said.

It is unclear why the Fed has yet to sign off on the deal, which would potentially compensate borrowers who went through foreclosures in 2009 and 2010. The Fed declined to comment.

The Fed and the OCC have disagreed about exactly how payments to consumers under the settlement would be determined, said two people familiar with the talks. Two members of Congress on Friday urged regulators not to rush into a deal.

A person familiar with the negotiations said the deal was also facing opposition from smaller banks that say the terms favor larger lenders, which could face billions of dollars in costs if a deal doesn’t take place.

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Comments
4 Responses to “Fed Holds Up $10 Billion Fraudclosure Pact With Banks, OCC”
  1. coco21 says:

    I am so disappointed in progress for us homeowners who were victims of illegal foreclsoures FRAUDCLOSURE! The worst part is when you are victims of a Bank that is not one of the 14 large banks they are targeting. 2013 has to bring new changes and something has to be done with these unethical banks, attorneys & judges.

  2. bobbi swann says:

    Yes, and do those who re-elected Obomer now realize how he manipulated them into thinking that he was going to make things right? All they have done is to give the ass-kisser to the banks another means of screwing them more!!! There never was nor ever will be any kind of platform to help the middle class. There’s just a continuance of his plan to destroy the middle class and make this country a serfdom!

  3. Wow another screwing,these people just can’t dig the hole fast enough.Every single time something is supposed to happen to benefit the homeowners and American public they find another way to try and shaft us.They think that some of us are not smart enough to figure out this was rigged from the start.Many of us chose not to even respond to these notices as we knew it was all lies once again.What a farce our government is.

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