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Banks penalized for rushed foreclosures

mpamag.com | June 19, 2015

By Justin da Rosa

The Office of the Comptroller of the Currency, part of the Treasury Department, announced Wednesday that it has taken action against U.S. Bank, Wells Fargo, JPMorgan Chase, HSBC, Santander and Everbank.

The action includes limits placed on the banks planning to purchase rights to service mortgages from other lenders.

According to the OCC, each of the six banks has failed to meet the requirements of a 2011 enforcement order, which was issued by the government, and discovered certain lenders rushed the foreclosure process for clients.

However, the regulators also lifted similar enforcement orders that had been placed on Bank of America, PNC, and Citigroup, having discovered each had complied with the orders.

The scandal over “robo-signing” kicked off an investigation and led to a $8.5 billion settlement between the OCC and 15 banks.

 

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CFLA was founded by the Nation's Leading Foreclosure Defense Attorneys back in 2007 to serve the Foreclosure Defense Industry and fight pervasive Bank Fraud. Since opening our virtual doors, CFLA has rapidly expanded to become the premier online legal destination for small businesses and consumers. But as the company continues to grow, we're careful to hold true to our original vision. For us, putting the law within reach of millions of people is more than just a novel idea—it's the founding principle, just ask Andrew P. Lehman, J.D.. With convenient locations in Houston and Los Angeles, you can contact Our National Account Specialist and General Manager / Member Damion W. Emholtz at 888-758-2352 for a free Mortgage Fraud Analysis or to obtain samples of work product, including cutting edge Bloomberg Securitization Audits, Litigation Support, Quiet Title Packages, and for more information about our Nationally Accredited and U.S. Department of Education Approved "Mortgage Securitization Analyst Training Certification" Classes (3 days) 24 hours for approved CLE & MCLE Credit (Now Available Online).

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