Banks Start Foreclosure Reviews As Part Of OCC Deal

Law360, New York (November 1, 2011, 5:19 PM EDT) -- Major mortgage lenders on Tuesday began contacting borrowers who might be entitled to financial compensation for errors in foreclosures on their homes, as part of an earlier settlement with banking regulators, a bureau of the U.S. Department of the Treasury said.

Fourteen mortgage servicers have engaged independent firms to conduct a multifaceted review of foreclosure actions that occurred in 2009 and 2010, pursuant to a settlement the lenders reached in April with the Office of the Comptroller of the Currency, the Federal Reserve and OCC predecessor...
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