Foreclosure Review: Regulators Could Strengthen Oversight and Improve Transparency of the Process

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By Lawrance L. Evans, Jr. (au)
Year: 2014
Pages: 93
Binding Paperback
ISBN 978-1-4578-5487-3

Product Code: 1457854872

Description

In 2011 and 2012, the Office of the Comptroller of the Currency (OCC) and the Federal Reserve signed consent orders with 16 mortgage servicers that required the servicers to hire consultants to review foreclosure files for errors and remediate harm to borrowers. In 2013, regulators amended the consent orders for all but one servicer, ending the file reviews and requiring servicers to provide $3.9 billion in cash payments to about 4.4 million borrowers and $6 billion in foreclosure prevention actions, such as loan modifications. One servicer continued file review activities. This report addresses (1) factors considered during cash payment negotiations between regulators and servicers and regulators' goals for the payments; (2) the objectives of foreclosure prevention actions and how well regulators designed and are overseeing those actions to achieve objectives; and (3) regulators' actions to share information from the file review and amended consent order processes and transparency of the processes. Tables and figures. This is a print on demand report.

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