The Office of the Comptroller of the Currency (OCC) has announced agreements in principle with four large national bank mortgage servicers to settle civil money penalties in connection with the unsafe and unsound mortgage servicing and foreclosure practices that were the subject of cease-and-desist orders issued by the OCC in April 2011.
The agreements involve Bank of America, Citibank, JPMorgan Chase and Wells Fargo. The OCC's actions were announced in coordination with the Board of Governors of the Federal Reserve System and the announcement of the federal-state settlement involving the U.S. Department of Justice, the Department of Housing and Urban Development, other federal agencies and state attorneys general.
The amounts for each servicer are $164 million for Bank of America, $34 million for Citibank, $113 million for JPMorgan Chase and $83 million for Wells Fargo.
‘The actions announced today mark important progress in addressing the problems associated with foreclosure processing and are a critical step toward restoring a functioning industry that protects the rights of the customers it serves,’ says Acting Comptroller of the Currency John Walsh. ‘The OCC has worked closely with the Department of Justice and other federal agencies throughout the federal-state foreclosure settlement negotiations. We have worked to coordinate the comprehensive fixes to mortgage servicing and foreclosure practices that we required in our April 2011 cease-and-desist orders to ensure that work complements actions required by the federal-state settlement.’