ocwen-financial-office

N.Y. Regulator: Ocwen Backdated Denial Letters to Homeowners Seeking Mortgage Modifications

Ocwen Financial, one of the largest U.S. mortgage servicers, wrongfully denied hundreds of thousands of borrowers mortgage modifications, many of them seeking to prevent foreclosure, New York’s financial regulator ...
federal-reserve-bank

Fed Poorly Prepared for ‘Independent Foreclosure Review’, Borrower Payouts Uneven: Watchdog

The handling of the Independent Foreclosure Review by federal regulators, particularly the Federal Reserve and the Office of the Comptroller of the Currency (OCC), continues to churn debate, including whether borrowers ...
fannie_freddie

Fannie, Freddie Not Moving Fast Enough to Help Distressed Homeowners, Advocates Say

Homeowner advocates say that the Federal Housing Finance Authority, the independent U.S. agency that oversees mortgage giants Fannie Mae and Freddie Mac, is taking to long to help the most-troubled borrowers reduce ...
bank-america-fannie-freddie

Big Bank Fines Over Bad Mortgages, Practices Total $128 Billion Since 2009, But Is That Too Little?

Bank of America is on the verge of finalizing a reported $17 billion settlement with the U.S. government over the packaging and selling of bad mortgages, and it would be the biggest single hit taken by a big bank ...
Elijah-cummings

Independent Foreclosure Review: Lawmaker Sees ‘High Error Rates’, Demands Hearing on Abuses

The top Democrat on the House Committee on Oversight and Government Reform is again trying to get to the bottom of what was uncovered during the Independent Foreclosure Review, which was scuttled more than a year ...
Foreclosure settlements

Independent Foreclosure Review: 732,000 Checks Not Cashed 1 Year Later

It’s been a year since federal regulators announced an agreement with more than a dozen mortgage servicers to settle wrongful foreclosures or mortgage-modification abuses affecting more than 4.2 million borrowers. As ...
federal income tax return

Are 2013 Payouts from Foreclosure Settlements Taxable? IRS Addresses Murky Issue

An estimated 5 million borrowers in 2013 received payouts from two huge settlements with the biggest banks over alleged foreclosure abuses or mortgage-aid deficiencies since the housing meltdown of 2007-2008. The ...
foreclosure-settlement-checks

Democrats to Regulators: We Want Foreclosure-Review Report by Year’s End

A trio of Democratic lawmakers are again calling on bank regulators to disclose “critically important” information behind the scuttled Independent Foreclosure Review, which became a $9.3 billion settlement ...
foreclosure-reviews

Foreclosure Review Fallout: OCC Tightens Rules on ‘Independent Consultants’

A regulator has announced stricter rules for some of the biggest U.S. banks when it comes to hiring independent consultants. The move was mainly inspired by the troubled Independent Foreclosure Review, which dragged ...
Countrywide Financial-Bank of America

‘Foreclosure Review’ Link Surfaces from BofA-Countrywide Trial

The Independent Foreclosure Review has sent $2.8 billion in compensation checks to more than 4 million borrowers to remedy foreclosure or mortgage-modification abuses, but along this settlement’s long and ...
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