OCC’s Walsh Tells Banks To Review FC Processes

Posted by Orb Staff on October 01, 2010 No Comments
Categories : Mortgage Servicing

On Thursday, John Walsh, acting director of the Office of the Comptroller of the Currency, told lawmakers that he has instructed seven lenders to review their foreclosure processes in light of the Ally Financial and JPMorgan Chase situations.

According to an article in The Washington Post, Walsh's office reached out to Chase, Bank of America, Wells Fargo, Citi, PNC Bank, U.S. Bank and HSBC.

A report from The New York Times Thursday additionally noted that Ally's admission of its procedural errors has prompted Old Republic National Title to stop insuring title to Ally-foreclosed properties ‘until further notice.’

SOURCES: The Washington Post, The New York Times

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