OCC Foreclosure. Senator Jeff Merkley (D-Ore.) for id="39"]Barack Obama to urge a new round of foreclosure relief during his State of the Union address next week promise. In a letter to the president, obtained by The Huffington Post, said Merkley administration’s current anti-blocking programs have proven woefully inadequate, and pushed for a more comprehensive program to keep families in their homes.
“A record one million families lost their homes to foreclosure last year,” Merkley wrote. “Next week, Mr. President, you have the attention of the nation. I invite you to take this opportunity to efforts to address the national foreclosure crisis to renew.
Walsh acknowledged that this issue was not on the radar of the OCC’s. “Examiners are generally not directly test or standard business practices such as the validity of contracts signed or processes used to document missing red flags that systemic failure of these business processes will notarized. Unfortunately, neither the internal quality control, internal audits or data our consumer call center proposed partitioning processing of documents was an area of concern for the system. ”
Walsh said that when problems arise on Ally Bank (not supervised by the OCC), first came to light OCC “immediately the eight largest national banking services to their activities and discuss corrective measures while we are willing to to on-site investigators at each of these large service companies. “These exams is well underway, with more than 100 national bank examiners assigned to this task.
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