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.
consent orders
OCC Extension of Foreclosure Practices Consent Order Deadline
On June 13, the OCC announced that it has extended by 30 days the deadline for submission of certain items required by the consent orders for foreclosure practices issued on April 13 against eight large residential mortgage servicers. OCC Release.