WASHINGTON - the Federal Government on Wednesday ordered 16 of the biggest mortgage lenders, and services to reimburse the owners who have improperly barred to the nation.
Government regulatory agencies has also made financial firms to hire Auditors to determine how many owners could avoid foreclosure in 2009 and 2010.
Citibank, Bank of America, JPMorgan Chase and Wells Fargo, four largest banks in the country, were among the financial companies in the joint Federal Reserve report, saving control Office and the Office of the Comptroller of the currency.
The Fed said it believes that financial sanctions have been "appropriate" and that it planned to impose fines in the future. All three regulatory agencies said they would examine the audits of foreclosure. Agreements, the lenders and the services have 45 days to hire an auditor and will be "correct any financial damage to borrowers, caused by errors, misrepresentations or other shortcomings." There is no minimum or maximum amount identified.
In the four years since the housing bust, about 5 million homes have been seized on. Primary mortgage approximately 2.4 million were in foreclosure at the end of last year. Another 2 million have been 90 days or more past due, involving in serious danger of foreclosure.
Critics, including democratic legislators in the Congress, said that the order is too lenient on the lenders. House Democrats introduced new legislation Wednesday that would require lenders to conduct a series of steps, including an appeal process before you begin the seizures.
"I want to know what abuse (Government agencies) identified that banks committed them and how their consent proposed to solve these problems," said Rep Elijah Cummings, D - MD., the Member of the Government of the House and the Oversight Committee. "Based on what I read...". I only am not encouraged any. ?
Senator Tim Johnson, D - s PhD, President of the Senate Banking Committee, said the agreements struck a "step to address the improper and fraudulent practices to which many of the countries largest mortgage services have admitted."
Other lenders and service providers, cited by agencies include: Ally Financial Inc., Aurora Bank, EverBank, HSBC, MetLife Bank, OneWest Bank, PNC, sovereign Bank, SunTrust Banks, U.S. Bank, lender processing and MERSCORP Services.
Citigroup said in a statement that he had "Gred" changes required in 2009 and that it has helped more than 1.1 million homeowners avoid foreclosure.
"We are determined to work with our regulatory agencies to further strengthen our programs in these areas and to meet these new requirements," the company said.
Financial ally, formerly GMAC, said that he had not found "any instance where an owner was foreclosed in without being important default."
Without specifically identifying cases of bad seizure, government agencies pointed out in his report that the "deficiencies in the treatment of the foreclosure observed among these great services can have consequences widespread for the housing market and the borrowers."
John Taylor, Executive Director of the National Community Reinvestment Coalition, a consumer housing warden, said that the Government's action was a year too late. There is little to help those who are just now to tackle a foreclosure, and those who have already been displaced, said. Rather than move quickly to seize houses, banks should have done a better job to help people to reduce their mortgage modification programs through, he said.
"This should arrived long ago", he said. "There are so many people, if they had received a significant change, it could stay at home."
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