OCC addresses foreclosure review controversy with new guidelines

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After facing controversy in its previous foreclosure review effort, the Office of the Comptroller of the Currency published new ground rules on when it will tell banks to hire outside consultants.

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OCC’s Escheatment and the Federal Reserves’ Redistribution. The Independent Foreclosure Review settlement will not affect any other efforts you are making with your servicer to prevent a foreclosure sale, and it is not intended to replace your current active efforts with your mortgage loan servicer.

together, these steps comprise the Independent Foreclosure Review (foreclosure review). The servicers developed a coordinated outreach plan to inform eligible borrowers of their opportunity to request a review of their foreclosure cases. OCC and the Federal Reserve have reported that

After facing controversy in its previous foreclosure review effort, the Office of the Comptroller of the Currency published new ground rules on when it will tell banks to hire outside consultants to.

The deal, which revised a much-criticized April 2011 Independent Foreclosure Review settlement, saw banks pledge up to $10 billion in direct cash payments and other consumer relief.

The last few days have had more and more ugly revelations emerge about the botched OCC and Fed Independent Foreclosure Review settlement, with some particularly important ones coming out of the hearings in Robert Menendez’s Senate Banking subcommittee today.

The agreement could change mortgage lending guidelines and make it easier for those at risk of foreclosure to restructure. President Barack Obama is expected to address the housing crisis and.

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OCC to Escheat Remaining Foreclosure Review Funds, Completes Payment Program. Under the Independent Foreclosure Review (IFR) Payment Agreement, more than $3.2 billion was distributed to more than 3.6 million eligible borrowers , representing more than 90 percent of the total amount available for distribution.

Summary. The Office of the Comptroller of the Currency (OCC) is publishing final guidelines that establish enforceable standards for recovery planning by insured national banks, federal savings associations, and federal branches of foreign banks with average total consolidated assets of $50 billion or more (collectively, covered banks).