Wednesday, October 20, 2010

White House begins probe into mortgage servicers' operations

All 50 state AGs and regulators opened investigations into the servicing shops. BofA, which suspended foreclosures nationwide said it will resubmit affidavits and resume foreclosures this coming Monday. Ally Financial said it resumes a foreclosure as it remediates a file.
Both the Federal Deposit Insurance Corp. and the Office of the Comptroller of the Currency began reviews of major servicing shops.
When reporters asked Gibbs if the banks are resuming foreclosures too soon, he said the investigation seeks to determine compliance, and he reiterated that a national moratorium would be dangerous.
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