Comptroller of the Currency Seeks to Resolve Foreclosure Claims

Posted on February 21, 2011

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A Washington Post article outlines the plan by the Comptroller of the Currency to sanction banks for foreclosure mistakes, create a national system for foreclosure, and to resolve the legal claims related to foreclosure.

It would be an interesting trick if he could do it. Apparently, he is working with the the 50 States Attorneys General in fashioning his plan.

“By Ariana Eunjung Cha
U.S. regulators are preparing to sanction some of the 14 largest, federally regulated banks for “critical deficiencies and shortcomings” in foreclosure procedures, Acting Comptroller of the Currency John Walsh testified on Thursday.

In remarks before the Senate Banking Committee, Walsh said that a multi-agency task force had concluded its examination of the banks and found violations of state and local foreclosures laws, regulations and rules.”

The Comptroller of the Currency accurately surmises that the litigation associated with all the wrongful foreclosures will sink certain banks. I suppose that is what he is trying to prevent.

See the article here.

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