Foreclosure Guidelines: OCC Takes Action By Ilyce Glink The Office of the Comptroller of the Currency announced this month that it has determined a mandatory course of enforcement actions against eight high-profile mortgage servicers, including lending giants Bank of America, Citibank, JPMorgan Chase and Wells…
The Office of the Comptroller of the Currency announced this month that it has determined a mandatory course of enforcement actions against eight high-profile mortgage servicers, including lending giants Bank of America, Citibank, JPMorgan Chase and Wells Fargo.
Real estate industry giants wasted no time in lauding the order. The Mortgage Bankers Association immediately issued a statement striking a note of hope that the OCC’s plan might finally provide the housing market a badly-needed confidence boost:
“We welcome progress on these difficult and critical issues. There is nothing more important than getting the housing market back on the road to recovery, which is in the best interest of borrowers, lenders, servicers and the nation as a whole.”
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