April 2014
Office of the Comptroller of the Currency Washington, D.C.
?Executive Summary
In 2013, the Office of the Comptroller of the Currency (OCC) and the Federal Reserve Board (FRB) amended consent orders against 15 mortgage servicers for deficient practices in mortgage servicing and foreclosure processing. In total, these Independent Foreclosure Review (IFR) Payment Agreements require the servicers to provide $3.9 billion in payments to 4.4 million eligible borrowers and $6.1 billion in other loss mitigation and foreclosure prevention assistance.1
Servicers covered by these amendments to the consent orders include: Aurora Bank FSB,2 Bank of America, N.A., Citibank, N.A., EverBank, GMAC Mortgage, Goldman Sachs, HSBC Bank USA, N.A., JPMorgan Chase Bank, N.A., MetLife Bank,3 N.A., Morgan Stanley, PNC Bank, N.A., Sovereign Bank,4 SunTrust Bank,5 U.S. Bank, N.A., and Wells Fargo Bank, N.A. The amendments effectively ended requirements for these servicers to have an independent review of the files of their borrowers who were in the process of foreclosure at any time in 2009 and 2010. The independent review had been required by consent orders issued in 2011.6
In addition to these 15 servicers, OneWest Bank, FSB,7 which includes Financial Freedom and IndyMac Mortgage Services, has operated under a consent order since April 2011 that also required an independent review of its foreclosure activity in 2009 and 2010. That review is nearing completion. Where the independent consultant found errors that resulted in financial harm in reviews that have been completed, borrowers began to receive remediation in March 2014. Notifications to borrowers regarding the results of the OneWest Bank reviews will continue through the summer of 2014. This report provides data on the volume and categories of OneWest remediation determined thus far. OneWest is not subject to an amended consent order.
It would be helpful to list the banks. As we know after the ‘crash’ banks who saw he handwriting on the wall and knew that they’d eventually face discovery dumped the ‘debts’
BOA and Wells Fargo in these mass dumping of loans are trying to hide the Countrywide and Washington Mutual Bank loan that these two have been illegally foreclosing and now the jig is up! Ginnie Mae is asking a question that they should know and if not all the personnel need to be fired, and that question is show us the “titles” which are going to have banks that are no longer in business as banks, and don’t have any claim of the debt. Stick a fork in them as they are done!