News
Six US Banks Face New Foreclosure Limits
June 17, 2015
The Office of the Comptroller of the Currency is living up to its imposing name by cracking down on six banks that, the agency says, did too little to amend faulty foreclosure practices. JPMorgan Chase, Wells Fargo, Santander, HSBC, US Bank and EverBank will face fresh caps on their ability to buy other banks' mortgage servicing rights. The six institutions pledged to the OCC in 2011 to clean up their handling of foreclosures, but fell short in the eyes of the agency. Meanwhile, Bank of America, Citigroup and PNC Financial satisfied the OCC's expectation stemming from the same arrangement. The penalized institutions will not face increased scrutiny on mortgages they issue internally. [NYT]
