Foreclosure review, regulators could strengthen oversight and improve transparency of the process: report to congressional requesters.

Foreclosure review, regulators could strengthen oversight and improve transparency of the process: report to congressional requesters.

by U.S. Government Accountability Office

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Overview

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In 2011 and 2012, 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. GAO was asked to examine the amended consent order process. 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. GAO analyzed regulators' negotiation documents, oversight memorandums, and information provided to borrowers and the public about the file review and amended consent orders. GAO also interviewed representatives of regulators, servicers, and consultants.
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Product Details

ISBN-13: 9781973957133
Publisher: CreateSpace Publishing
Publication date: 07/28/2017
Pages: 94
Product dimensions: 6.00(w) x 1.25(h) x 9.00(d)

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