ARTICLE · 02 DECEMBER 2011

OCC Issues Status Report On Implementation Of Foreclosure-Related Consent Orders

Goodwin Procter LLP

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The OCC issued an interim status report summarizing the actions taken by12 national bank and federal savings bank servicers to comply with the April 13, 2011 consent orders issued by the OCC and the former OTS regarding foreclosure practices.

United StatesFinance and Banking

Article by Lynne B. Barr , Brooks R. Brown , Margaret B. Crockett , Thomas H. Hefferon , James W. McGarry , David L. Permut Michael P. Whalen , and Joseph F. Yenouskas

The OCC issued an interim status report summarizing the actions taken by12 national bank and federal savings bank servicers to comply with the April 13, 2011 consent orders issued by the OCC and the former OTS regarding foreclosure practices. The report identifies the consultants engaged by each servicer to conduct the independent foreclosure file reviews required by the orders, and discusses how the reviews will be conducted. The report also discusses actions taken by the servicers to (1) change servicing processes and procedures; (2) improve oversight and management of third-party service providers, including MERS; (3) enhance management information systems; (4) assess and manage risks; and (5) set up compliance committees responsible for developing and implementing compliance

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