OCC Reviews Will Take Much Longer — No Surprise

MOST POPULAR ARTICLES

COMBO Title and Securitization Search, Report, Documents, Analysis & Commentary CLICK HERE TO GET COMBO TITLE AND SECURITIZATION REPORT

EDITOR’S NOTE: Anyone surprised by this news hasn’t been watching the Bank moves for the last 5 years. Of course this process will at least go past the next election cycle. The foreclosures are fraudulent, the loans are defective, the paperwork is a mess or absent entirely (most of the time according to most studies).

The Banks want this path to go so far that it seems impractical to reverse it. I say no matter how long it goes, you can’t correct title without the signature of the homeowner, whether they have been foreclosed, evicted or even accepted cash for keys. The only other way is a court order, in which the Banks would need to admit they are at least in doubt about their title.

See Full Article in Florida Today

Reviews of hundreds of thousands of foreclosure cases ordered by regulators last year will take months longer to complete than first expected, according to documents filed with federal banking regulators.

The delays could postpone compensation for some homeowners harmed by improper foreclosure actions.

The reviews cover foreclosure actions in 2009 and 2010 by the nation’s 14 largest mortgage servicers, which handle payments for about 65 percent of U.S. mortgages. They are required by enforcement orders announced by federal regulators last April.

Under the deadlines set in April, the reviews — which are being done by independent consultants hired by servicers — should have been completed this month. But reviews of Bank of America’s foreclosure cases could take until November, a letter that BofA’s consultant filed with the Office of the Comptroller of the Currency indicates.

BofA is the nation’s largest mortgage servicer, and the Promontory Financial Group is its consultant. JPMorgan Chase’s consultant, Deloitte & Touche, indicated it may need about the same amount of time, according to its letter. Review time frames have lengthened for other servicers, too, because the detail, scope and complexity of the reviews weren’t fully known last April, says OCC spokesman Bryan Hubbard.

I’’s more important that the reviews be fair and thorough than quick, he says.

“We need to make sure this is done right,” he says. Some companies may finish before others. Some may beat the timelines in their letters. Some deadlines may get longer, Hubbard says. The OCC says servicers should not wait until all reviews are done to compensate homeowners. While 4 million cases are eligible for reviews, consultants will sample only some for errors such as unlawful foreclosures and excessive fees. Borrowers who faced a foreclosure action on their primary home by one of the 14 servicers in 2009 or 2010 are eligible for reviews. Anyone eligible who asks for a review by the April 30 deadline will get one, the OCC says. More information, and names of participating servicers, is available at 888-952-9105.

4 Responses

  1. FLORIDA TODAY WROTE : OCC LETTER

    BofA is the nation’s largest mortgage servicer, and the Promontory Financial Group is its consultant. JPMorgan Chase’s consultant, Deloitte & Touche, indicated it may need about the same amount of time, according to its letter.

    Deloitte settles in Adelphia scandal
    ———————————————–
    http://www.financegates.com/news/business_news/2005-04-26/deloitte_04262005.html

    NO FURTHER COMMENTS ?

  2. @Jimmy, they are waiting to announce that until right before elections, so the current confederate in office gets the: I’m sympathetic to your needs speech out, and gets a bump in polls. After the election, regardless of who is elected, it will be right back too:

    Homeowners are taking advantage and living in a house free because of paperwork problems, not fraud, distribution chain issues. I can see it already;

    “America needs to rebuild and put an end to the constant drag on the economy, which s the continued housing mess”. My new housing Czar has told this Congress that their is a major chance that this great Nation can slip back into recession without immediate action”. ” We have worked with the nations lenders and distressed homeowners will be provided a relocation package to help make that transition, which is also a transition toward growing this Country and creating jobs and economic activity again”.

    “One last thing my fellow Americans, please do not look behind the curtain because the taxpayer will be absorbing all the private banking losses and nobody is going to jail”. “So, please don’t ask again about indictments and how much this will cost the American Taxpayer”

    “In closing America, I spoke with Jamie Dimon, a controlling board member at the Federal Reserve Corp., and he informed me that JP Morgan Chase Bank, N.A., and all the rest of the reserve system banks have tremendous exposure to the EU default, so the taxpayer must understand that we will have to lend another 500 billion to foreign banks because their own sovereign state will not”.

    “Now I do not like this anymore than you folks, but.. errr – hey bernanke, what was that term you told me to use.. oh yeah.. hold on America. OK, yes America I do not like this anymore than you, but the systemic risk to the global banking system requires us to throw our constitution in the garbage and let these guys continue to socialize private banking losses”. “We are placing new regulation on derivatives to avoid this unforeseen risk from ever happening again”

    “I feel your pain, but this is in the best interest of the entire planet” “The moving truck will be by next week”

    Camera screens to small pan of an American flag, President leaves the set, trying to hold back his laughs. 57,000 news commentators take over to divide us from one another. Americans suffer until eventual dollar devaluation. End Movie, run credits!

  3. @Jimmy,

    Bingo!

  4. So how about a freeze on those foreclosures and or evictions that have not been finalized; until the reviews are finished?

Leave a Reply

%d bloggers like this: