Hear No Evil, See No Evil, Speak No Evil
The banks didn’t admit or deny regulators’ findings, according to the orders.
From Fed Press Release:
The Federal Reserve will closely monitor progress at the firms in addressing these matters and will take additional enforcement actions as needed.
In addition to the actions against the banking organizations, the Federal Reserve on Wednesday announced formal enforcement actions against Lender Processing Services, Inc. (LPS), a domestic provider of default-management services and other services related to foreclosures, and against MERSCORP, Inc. (MERS), which provides services related to tracking and registering residential mortgage ownership and servicing, acts as mortgagee of record on behalf of lenders and servicers, and initiates foreclosure actions. These actions address significant compliance failures and unsafe and unsound practices at LPS and its subsidiaries, and at MERS and its subsidiary. The action requires LPS to address deficient practices related primarily to the document execution services that LPS, through its subsidiaries DocX, LLC, and LPS Default Solutions, Inc., provided to servicers in connection with foreclosures. MERS is required to address significant weaknesses in, among other things, oversight, management supervision, and corporate governance. The LPS action is being taken jointly with the Office of the Comptroller of the Currency, the Federal Deposit Insurance Corporation, and the Office of Thrift Supervision, while the MERS action is being taken jointly with those agencies and the Federal Housing Finance Agency.
The Federal Reserve Board based its enforcement actions on the findings of the interagency reviews of the major mortgage servicers, LPS, and MERS. A summary of the findings from the reviews of the mortgage servicers is available in the Interagency Review of Foreclosure Policies and Practices, which is simultaneously being released by the Federal Reserve Board and the other agencies.
- 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)