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Fed Publishes New Set Of Foreclosure-Review Documents

By Alan Zibel Of DOW JONES NEWSWIRES WASHINGTON -(Dow Jones)- The Federal Reserve Thursday released a set of detailed plans banks have put together to correct problems in their mortgage-servicing and foreclosure-processing operations. The Fed released so-called action plans for Citigroup Inc. (C) and HSBC Finance Corp, a unit of HSBC Holdings PLC (HBC, HSBA.LN, 0005.HK), as well as a legal agreement between Ally Financial Inc. and the independent consultant the company retained to review its foreclosure process. The Fed also published an agreement with Ally on its foreclosure review that was made necessary by the recent bankruptcy filing of the company's mortgage subsidiary. More than a year ago, the Fed and the Office of the Comptroller of the Currency required 14 large mortgage-servicing companies to hire consultants to evaluate their foreclosure practices. Consumers who suffered "financial injury" could be in line for compensation after the consultants review homeowners' cases. The review process is one of several efforts to compensate consumers, after revelations surfaced in the fall of 2010 about banks' use of so-called robo-signers--bank employees who signed off on thousands of foreclosure filings and falsely claimed to have personally reviewed each case. Federal and state officials earlier this year announced a $25 billion settlement of foreclosure-abuse allegations with the nation's five largest mortgage-servicing firms: Bank of America Corp. (BAC), Wells Fargo & Co. (WFC), J.P. Morgan Chase & Co. (JPM), Citigroup Inc. and Ally. In addition to the 14 banks cited last year, the Fed has ordered Morgan Stanley (MS) and Goldman Sachs Group Inc. (GS), to review foreclosures conducted by mortgage-servicing units they have sold to Ocwen Financial Corp. (OCN). The Fed said it would also release similar agreements with those two firms. Consumers have until July 31 to request a review of their foreclosure cases under the bank regulators' process. In addition, they are eligible for compensation through the separate state and federal settlement, which doesn't subject consumers to a thorough review and is expected to provide homeowners with $1,500 to $2,000 each. -By Alan Zibel, Dow Jones Newswires; 202-862-9263; alan.zibel@dowjones.com

Stock News for Ocwen (OCN)
DateTimeHeadline
04/24/201519:00:02Why Ocwen Financial Corp Is Getting Rid of this $89 Billion Portfolio
04/23/201517:21:43Why Shares of Altisource Portfolio Solutions S.A. Surged Today
04/23/201513:46:21Ocwen Financial Corporation Schedules Conference Call - 1st Quarter...
04/20/201511:00:00Ocwen Hosts Sixth Annual Housing Advocacy Forum and Policy Luncheon
04/20/201508:20:02Current Report Filing (8-k)
04/17/201517:42:25Ocwen Financial Announces Amendment to Senior Secured Term Loan
04/14/201523:01:19Ocwen Reports Preliminary $598.4 Million Loss
04/14/201508:15:31Current Report Filing (8-k)
04/14/201507:54:05Ocwen +2.3% after preliminary results, positive outlook
04/14/201507:30:00Ocwen Financial Announces Preliminary Operating Results for Fiscal...
04/10/201517:09:49Current Report Filing (8-k)
04/07/201513:48:43Ocwen Financial Corp Shares Pop as HLSS Deal Terms Change
04/06/201520:26:48Ocwen Affiliate Calls Off Merger With New Residential
04/06/201517:29:43Current Report Filing (8-k)
03/26/201517:13:06Current Report Filing (8-k)
03/26/201505:41:39Altisource Portfolio Solutions: More Pain Ahead
03/24/201508:40:51Ocwen to Sell Additional $25 Billion Portfolio to Nationstar
03/24/201508:31:49Ocwen to Sell Added $25 Billion in Mortgage Servicing Rights...
03/24/201508:19:37Ocwen to Sell Additional $25 Billion in Mortgage Servicing Rights...
03/24/201507:30:56Ocwen selling more MSRs to Nationstar; NYSE warns on delisting

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