Three federal regulators reached agreements with the nation’s largest mortgage servicers on Wednesday that aim to stem shoddy foreclosure practices. But the plans do not impose financial penalties on these banks or recommend the kinds of loan modifications that consumer advocates and other regulators are pushing for.
The agreements call on the banks to identify and compensate borrowers who suffered financial harm, though the details of how to do that are yet to be decided. The agencies also are requiring banks to provide a single point of contact for struggling borrowers who are trying to modify their loans and to stop pursuing foreclosures on mortgages that have been approved for modification.
“These reforms will not only fix the problems we found in foreclosure processing, but will also correct failures in governance and the loan modification process and address financial harm to borrowers,” acting Comptroller of the Currency John Walsh said in a statement.
Check out the rest here…
More to come as I find it…
Consent orders below…
We are on our own again so keep up the fight.
- Interagency Review of Foreclosure Policies and Practices (461 KB PDF)
- Consent Order for Bank of America Corp. (34 KB PDF)
- Consent Order for Citigroup Inc. and CitiFinancial Credit Co. (28 KB PDF)
- Consent Order for Ally Financial, Inc., ResCap, GMAC Mortgage, and Ally Bank (87 KB PDF)
- Consent Order for HSBC North America Holdings, Inc. and HSBC Finance Corp. (76 KB PDF)
- Consent Order for JPMorgan Chase & Co. and EMC Mtge. (39 KB PDF)
- Consent Order for MetLife, Inc. (25 KB PDF)
- Consent Order for PNC Financial Svs. Group, Inc. (25 KB PDF)
- Consent Order for SunTrust Banks, Inc., SunTrust Bank, and SunTrust Mortgage (76 KB PDF)
- Consent Order for U.S. Bancorp (25 KB PDF)
- Consent Order for Wells Fargo & Co. (25 KB PDF)
- Consent Order for LPS (47 KB PDF)
- Consent Order for MERS (48 KB PDF)