Amendments to Fed and OCC Foreclosure Consent Orders

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On February 28, the OCC and the Fed released amendments to their consent orders against 13 mortgage servicers for deficient practices in mortgage loan servicing and foreclosure processing. The amendments memorialize the previously announced agreements with the mortgage servicers and require them to provide $9.3 billion in payments and other assistance (including loan modifications and forgiveness of deficiency judgments) to borrowers. Joint Release.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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