Relevant:
- U.S. close to punishing banks over foreclosures
- Loan Servicers Prepare for Borrower Backlash. Lawsuits Mounting
- Foreclosure Reviews Could Lead to Compensation for Victims
- The Push And Pull Of Foreclosure Alternatives, Legal Obligations
- California Foreclosure Bill Signed Into Law - Governor signs legislation modeled after multi-state settlement
2011-02-17 — cnbc.com
"In testimony obtained by CNBC, the Comptroller of the Currency, John Walsh, will tell the Senate Banking Committee Thursday that examinations of the major mortgage servicers, "found critical deficiencies and shortcomings in foreclosure governance processes, foreclosure document preparation processes, and oversight and monitoring of third party law firms and vendors. These deficiencies have resulted in violations of state and local foreclosure laws, regulations, or rules and have had an adverse affect on the functioning of the mortgage markets and the U.S. economy as a whole." "
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