Fed to Monitor Foreclosure Settlement Progress, Killian Says

Monday, 19 Mar 2012 09:56 AM

 

Share:
  Comment  |
   Contact Us  |
  Print  
|  A   A  
  Copy Shortlink

The Federal Reserve plans to enforce remedial action at mortgage servicing companies previously found to be negligent, according to a senior associate director in the Fed’s division of consumer and community affairs.

“The Federal Reserve will continue to monitor, on an ongoing basis, the corrective measures that are being taken by the servicers and bank holding companies it supervises,” said Suzanne Killian, the senior associate director, who testified before a House Committee on Oversight and Government Reform in Brooklyn, New York.

Killian’s remarks summarized previously disclosed enforcement actions and monetary fines against some of the largest mortgage servicers in the U.S. for “misconduct and negligence related to deficient practices in residential mortgage loan servicing and foreclosure processing.”

The Fed said in February that it would fine five banking organizations a total of $766.5 million as part of a broader settlement over foreclosure actions. The five holding companies are Bank of America Corp., Citigroup Inc., Ally Financial Inc., JPMorgan Chase & Co. and Wells Fargo & Co.

Killian said the Fed will “take appropriate supervisory action including a possible cease and desist order or monetary penalties to address any inadequacies or violations of the enforcement actions.”


© Copyright 2014 Bloomberg News. All rights reserved.

Share:
  Comment  |
   Contact Us  |
  Print  
  Copy Shortlink
Around the Web

Join the Newsmax Community
Please review Community Guidelines before posting a comment.
>> Register to share your comments with the community.
>> Login if you are already a member.
blog comments powered by Disqus
 
Email:
Retype Email:
Country
Zip Code:
 
You May Also Like
Around the Web

Most Commented

Newsmax, Moneynews, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, NewsmaxWorld, NewsmaxHealth, are trademarks of Newsmax Media, Inc.

MONEYNEWS.COM
© Newsmax Media, Inc.
All Rights Reserved