3 big banks nearly halt foreclosure sales after U.S. tweaks orders

Foreclosure sales

Wells Fargo, JPMorgan Chase and Citigroup put foreclosures on hold this month while checking that they were in compliance with regulators’ revised guidelines for handling troubled borrowers in the 60 days before a foreclosure sale. (David Zalubowski / Associated Press)

Sales of homes in foreclosure by Wells Fargo & Co., JP Morgan Chase & Co. and Citigroup Inc. ground nearly to a halt after regulators revised their orders on treatment of troubled borrowers during the 60 days before they lose their homes.

The banks said they paused the sales on May 6 to make sure that their late-stage foreclosure procedures were in accordance with the guidelines. The banks wouldn’t say exactly which issues had been under scrutiny.

Bank of America Corp., by contrast, continued foreclosure sales at a normal pace, apparently confident its procedures met the revised restrictions.

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h/t Zerohedge.com

      
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