Federal regulators will release findings from the upcoming mortgage servicer reviews along with the amount of financial remediation needed, leaving bank-specific information under wraps.
When 14 major mortgage servicers signed consent orders to settle an investigation into their foreclosure practices, the companies were required to hire third-party auditors to conduct a review. The goal is to find how widespread the robo-signing and other mishandled foreclosure practices had become and determine the amount of remediation needed.
The Office of the Comptroller of the Currency previously said the report would not be made public. But Julie Williams, the first senior deputy comptroller and chief counsel to the OCC told the House Finance Services Committee Thursday at least some of the reports will be released.
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