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2011-04-14 14:46:26
Regulators Regulators Regulators

Federal banking regulators Wednesday afternoon dropped their regulatory 'bomb' on the nation's largest residential servicers — and two of their top outside vendors — accusing the firms of a 'pattern of negligence and misconduct' tied to the processing of loans.

Among the nation's top ranked servicers, no one was spared. Formal charges were filed against Bank of America ($2.1 trillion in receivables/market share of 21.57%); Wells Fargo & Co. ($1.8 trillion in MSRs); JPMorgan Chase ($1.2 billion); CitiMortgage ($601 billion); and Ally Financial/Residential Capital Corp. ($384 billion).

In total, the Federal Reserve announced enforcement actions requiring 10 banking organizations to address their conduct, saying their 'deficiencies represent significant and pervasive compliance failures and unsafe and unsound practices at these institutions.'

The Fed said it is taking action to ensure that firms under its jurisdiction 'promptly initiate steps to establish mortgage loan servicing and foreclosure processes that treat customers fairly, are fully compliant with all applicable law, and are safe and sound.'

Others that were slapped with consent orders include: HSBC North America Holdings, Inc.; MetLife, Inc.; The PNC Financial Services Group, Inc.; SunTrust Banks, Inc.; and U.S. Bancorp.

The Comptroller of the Currency and Office of Thrift Supervision filed consent orders at the same time. OTS filed enforcement actions against four servicers for 'weaknesses' in their foreclosure processes: Aurora Bank, EverBank, OneWest Bank and Sovereign Bank.

'The orders require swift and comprehensive action to remedy the widespread and significant deficiencies,' OTS said.  'The enforcement orders require each of the servicers to hire an independent firm to conduct another comprehensive review, overseen by the OTS, of foreclosure actions pending at any time in 2009 and 2010,' the thrift regulator said.


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