Wells, Citi Halt Most Foreclosure Sales as OCC Ratchets Up Scrutiny

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Wells, Citi Halt Most Foreclosure Sales as OCC Ratchets Up Scrutiny

Wells, Citi Halt Most Foreclosure Sales as OCC Ratchets Up Scrutiny

Now you can understand why foreclosures saw a drop in recent weeks!


American Banker-

Wells Fargo (WFC) and Citigroup (NYSE:C) have halted the vast majority of their foreclosure sales in multiple states following the release of new guidance by the Office of the Comptroller of the Currency.

The abrupt slowdown came in response to the OCC’s April release of minimum standardsfor foreclosure sales, which are usually the final act in the foreclosure process. The Federal Reserve issued identical guidance to the banks it oversees, making the guidelines universal for the industry.

Within two weeks of the release of the guidance, Wells Fargo, Citi and JPMorgan Chase (JPM) all but stopped foreclosure sales, which are usually the point of no return in the foreclosure process. JPMorgan has since resumed its normal volume.

[AMERICAN BANKER]

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