Correcting Foreclosure Practices - Updated August 28, 2013While cruising the Internet looking for the status of a particular bank, the Office of the Comptroller of the Currency (OCC) Independent Foreclosure Review website jumped into view. The OCC website is worth an examination even though the Submission Window is closed (way too early IMHO) as there are numerous CONSENT ORDERS made available for viewing.
Of course the accused financial and/or financial related companies never admit or deny the the “Findings” from the examination by the:
- (1) Comptroller of the Currency of the United States of America, through his national bank examiners and other staff of (2) the Office of the Comptroller of the Currency (“OCC”);
- (3) the Board of Governors of the Federal Reserve System, Washington, D.C.,
- (4) the Federal Deposit Insurance Corporation (“FDIC”);
- (5) the Office of Thrift Supervision (“OTS”); and
- (6) the Federal Housing Finance Agency (“FHFA”) …
1-6 above (Collectively the “Agencies”) …even though this was part of an interagency horizontal review (who apparently all 6 sections agreed to the results of the examination) of the major residential mortgage servicers and mortgage service providers.
Six (6) frickin’ sectors of the Federal Government find that these companies to be in violation of several consumer protection related statutes, deceptive practices and pretty much scumbags and no one forces them to admit to their wrongdoings!The CONSENT ORDER “Findings” are still worth reading and we don’t see why the same “Findings” can’t find their way onto complaints and oppositions. Maybe you’ll find a decent, reputable judge, like Judge Rakoff, who will demand an admission along with a settlement. BTW - The Independent Foreclosure Review Process continues for the following servicers at this time: Everbank and OneWest (IndyMac). That means the claims have not been processed yet. To review the OCC website Click HERE.
Did you wonder why MERS was no longer foreclosing?
A particularly interesting “Consent Order” belonged to Mortgage Electronic Registration Systems, Inc. and MERSCORP, Inc. Click HERE for the MERS and MERSCORP, Inc. Consent Order.
What happened to the other 40 million? DON'T I WISH THAT WAS TRUE. :(“… as part of an interagency horizontal review of major residential mortgage servicers and mortgage service providers, have conducted an examination of MERSCORP, Inc. (“MERSCORP”), and of its wholly-owned subsidiary corporation, Mortgage Electronic Registration Systems, Inc., (“MERS”), both of which provide various services to financial institutions related to tracking and registering residential mortgage ownership and servicing, acting as mortgagee of record in the capacity of nominee for lenders, and initiating foreclosure actions.
The Agencies have identified certain deficiencies and unsafe or unsound practices by MERS and MERSCORP that present financial, operational, compliance, legal and reputational risks to MERSCORP and MERS, and to the participating Members. …
…By this Stipulation and Consent, which is incorporated by reference, MERS and MERSCORP have consented to the issuance of this Consent Cease and Desist Order (“Order”), pursuant to 12 U.S.C. §§ 1818(b), 1867(c)-(d), and 4631, by the Agencies, consistent with the Stipulation and Consent. …
There are currently approximately 31 million active residential mortgage loans registered on the MERS System.” [Read more]
The verbiage in the Consent Order verifies DeadlyClear’s posts indicating separate and distinct “MERS” corporations substantiating that Mortgage Electronic Registration Systems, Inc. and MERSCORP, Inc. are NOT the same company!
Related MERS posts: