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Robert Menendez and three House Democrats are asking the Government Accountability Office to assess whether there are conflicts of interest between banks and the third-party auditors that are reviewing their foreclosure practices.
January 19 -
A top OCC official faced sharp questions about the ties between mortgage servicers and the consultants that are reviewing their past business practices.
December 13 -
Doing something — anything — quickly but poorly is no substitute for taking the time to do what needs to be done well.
December 6 -
Federal regulators have ordered 14 mortgage services to help borrowers that were harmed by foreclosure errors, but left it up to them to develop common remediation guidelines. The servicers and their consultants met in Washington this week to try and reach a consensus.
November 10
WASHINGTON — Regulators said Wednesday they are extending the deadline for borrowers to request an independent foreclosure review under the consent orders signed by 14 mortgage servicers last April.
The Office of the Comptroller of the Currency and the Federal Reserve Board have extended the deadline 90 days, to July 31 from April 30, to allow borrowers to request a review if they believe they may have suffered financial harm as a result of foreclosure errors in 2009 or 2010.
"The deadline extension provides more time to increase awareness of how eligible people may request a review through the independent foreclosure review process and to encourage the broadest participation possible," the regulators said in a joint press release.
During this time, the agencies and servicers plan to conduct additional outreach efforts to increase awareness of the review process, according to an OCC spokesman.
The consent orders required the 14 top mortgage servicers to hire independent consultants to review foreclosure activity in 2009 and 2010, identify borrowers who may have been harmed, and recommend some remediation if necessary.
Borrowers are eligible to request a review if their loan was serviced by one of the 14 servicers, was active in the foreclosure process between Jan.1, 2009, and Dec. 31, 2010, and the property securing the loan was their primary residence.
