Saturday, November 12, 2011

OCC: Correcting Foreclosure Practices

OCC: Correcting Foreclosure Practices
On April 13, 2011, the Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, and the Office of Thrift Supervision announced enforcement actions against 14 large residential mortgage servicers and two third-party vendors for unsafe and unsound practices related to residential mortgage servicing and foreclosure processing.

Independent Foreclosure Review

As part of those consent orders, federal regulators required servicers to engage independent firms to conduct a multi-faceted review of foreclosure actions in process in 2009 and 2010. Under the orders, independent consultants are charged with evaluating whether borrowers suffered financial injury through errors, misrepresentations, or other deficiencies in foreclosure practices and determining appropriate remediation for those customers. Where a borrower suffered financial injury as a result of such practices, the agencies’ orders require financial remediation to be provided.

As part of that program, the 14 mortgage servicers covered by the enforcement actions will begin mailings November 1, 2011 that will continue through the end of the year. The mailings are intended to provide information to potentially eligible borrowers on how to request a review of their case if they believe they suffered financial injury as a result of errors, misrepresentations, or other deficiencies in foreclosure proceedings related to their primary residence between January 1, 2009 and December 31, 2010. The mailings will include a request for review form.

Borrowers may also visit for more information about the review and claim process. Assistance with the form and answers to questions about the process are available at 1-888-952-9105, Monday through Friday from 8 a.m. to 10 p.m. (ET) and Saturday from 8 a.m. to 5 p.m. (ET).



Anonymous said...

This is terribly unfair and needs to be corrected. What about the fraudulent foreclosure filings, that really began in 2001-2003, then the 2005 and forward. Are those innocent people just supposed to suck it up?

Dan said...

I agree with Anonymous. How did they reach those cut off dates? I believe this went on for much longer than they are reviewing. I have received a letter from the OCC declining my review because mine was not completed within that timeline then I received a subscription email directly from the OCC that said foreclosures in any stage completely contradicting the other letter. This is my home!!!! How can a congressional office make such a stupid mistake?

Anonymous said...

"Are those innocent people just supposed to suck it up?"


But don't worry. The free market will take care of the problem.