Update:
The Office of the Comptroller of the Currency (OCC) at Treasury and the Office of Thrift Supervision (OTS) at the Fed issued such orders to 16 banks.
The orders “require each servicer to engage an independent firm to conduct a multi-faceted review of foreclosure actions between January 1, 2009, and December 31, 2010. This requirement includes a comprehensive ‘look back’ to assess whether foreclosures complied with federal and state laws, whether foreclosures occurred when grounds for foreclosure were not present, such as when loans were performing, and whether any errors, misrepresentations or other deficiencies resulted in financial injury to borrowers. The actions also require each servicer to establish a process for borrowers who believe they have been financially harmed by such deficiencies to make submissions to be considered for remediation. Each servicer must also submit a plan to remediate all financial injury to borrowers caused by any errors, misrepresentations, or other deficiencies identified in the independent consultant's findings.” (OCC press release: http://www.occ.treas.gov/news-issuances/news-releases/2011/nr-occ-2011-47.html)
Sixty days from the April 13 issuance of these order (that is, by approximately June 15) the banks have to present their findings and their plans for remediating in cases of improper foreclosure. When they present those findings and those plans, we will know how to advise and assist constituents who may qualify for remediation.
I have a direct contact with Congressman Hank Johnson's office and as soon as the process is released, I will post it here. So check often for updates.
The Office of the Comptroller of the Currency (OCC) at Treasury and the Office of Thrift Supervision (OTS) at the Fed issued such orders to 16 banks.
The orders “require each servicer to engage an independent firm to conduct a multi-faceted review of foreclosure actions between January 1, 2009, and December 31, 2010. This requirement includes a comprehensive ‘look back’ to assess whether foreclosures complied with federal and state laws, whether foreclosures occurred when grounds for foreclosure were not present, such as when loans were performing, and whether any errors, misrepresentations or other deficiencies resulted in financial injury to borrowers. The actions also require each servicer to establish a process for borrowers who believe they have been financially harmed by such deficiencies to make submissions to be considered for remediation. Each servicer must also submit a plan to remediate all financial injury to borrowers caused by any errors, misrepresentations, or other deficiencies identified in the independent consultant's findings.” (OCC press release: http://www.occ.treas.gov/news-issuances/news-releases/2011/nr-occ-2011-47.html)
Sixty days from the April 13 issuance of these order (that is, by approximately June 15) the banks have to present their findings and their plans for remediating in cases of improper foreclosure. When they present those findings and those plans, we will know how to advise and assist constituents who may qualify for remediation.
I have a direct contact with Congressman Hank Johnson's office and as soon as the process is released, I will post it here. So check often for updates.
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