Banks Ordered to Pay For Wrongful Foreclosures

Posted on April 14, 2011

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U.S. Federal regulators have announced that banks must make financial amends for the bad practices of their mortgage servicing companies.

“Under the agreements announced on Wednesday, the banks will compensate borrowers who were wrongly foreclosed upon and overhaul their mortgage operations, including undergoing an independent review of their 2009 and 2010 foreclosures.

The Office of the Comptroller of the Currency, the Federal Reserve and the Office of Thrift Supervision reached the settlements with 14 of the largest U.S. financial institutions, including Bank of America Corp, Wells Fargo Co, JPMorgan Chase and Citigroup Inc.”

The question is whether or not this will be a charade like other attempts to stop foreclosure fraud.

See the full article here.

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