7/31/2019 Press Release by OCC of Result of Interagency Review of Banks Unsafe Unsound and Fraudulent Foreclosure Activities April 13, 2011

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WASHINGTON The Office of the Comptroller of the Currency today announced formal

enforcement actions against eight national bank mortgage servicers and two third-partyservicer providers for unsafe and unsound practices related to residential mortgage loanservicing and foreclosure processing.

The eight servicers are Bank of America, Citibank, HSBC, JPMorgan Chase, MetLife Bank,PNC, U.S. Bank, and Wells Fargo. The two service providers are Lender Processing Services(LPS) and its subsidiaries DocX, LLC, and LPD Default Solutions, Inc.; and MERSCORP and

its wholly owned subsidiary, Mortgage Electronic Registration Systems, Inc. (MERS).

"These comprehensive enforcement actions, coordinated among the federal bankingregulators, require major reforms in mortgage servicing operations," said acting Comptroller ofthe Currency John Walsh. "These reforms will not only fix the problems we found inforeclosure processing, but will also correct failures in governance and the loan modification

process and address financial harm to borrowers. Our enforcement actions are intended to fixwhat is broken, identify and compensate borrowers who suffered financial harm, and ensure afair and orderly mortgage servicing process going forward."

The enforcement actions require the servicers to promptly correct deficiencies in residentialmortgage loan servicing and foreclosure practices that examiners identified in reviewsconducted during the fourth quarter of 2010. The actions require the servicers to make

significant improvements in practices for residential mortgage loan servicing and foreclosureprocessing, including communications with borrowers and dual-tracking, which occurs when

servicers continue to pursue foreclosure during the loan modification process. The

enforcement actions require the servicers to ensure that foreclosures are not pursued once amortgage has been approved for modification and to establish a single point of contact for

FOR IMMEDIATE RELEASEApril 13, 2011

Contact: Robert Garsson

NR 2011-47

OCC Takes Enforcement Action Against Eight Servicers for Unsafe and Unsound

Foreclosure Practices

Page 1 of 3OCC: OCC Takes Enforcement Action Against Eight Servicers for Unsafe and Unsound Foreclosure Practices

9/20/2011http://www.occ.treas.gov/news-issuances/news-releases/2011/nr-occ-2011-47.html

7/31/2019 Press Release by OCC of Result of Interagency Review of Banks Unsafe Unsound and Fraudulent Foreclosure Activities April 13, 2011

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7/31/2019 Press Release by OCC of Result of Interagency Review of Banks Unsafe Unsound and Fraudulent Foreclosure Activities April 13, 2011

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Consent Order for PNC Bank, N.A. (PDF) Consent Order for U.S. Bank National Association, U.S. Bank National Association ND

(PDF) Consent Order for Wells Fargo Bank, N.A. (PDF)

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Page 3 of 3OCC: OCC Takes Enforcement Action Against Eight Servicers for Unsafe and Unsound Foreclosure Practices

9/20/2011http://www.occ.treas.gov/news-issuances/news-releases/2011/nr-occ-2011-47.html

.The Federal Reserve System, the Office of the Comptroller of the Currency (OCC), the Federal Deposit Insurance Corporation (FDIC), and

the Office of Thrift Supervision (OTS), referred to as the agencies, conducted on-site investigation of foreclosure processing of the nations

major institutions handling foreclosure processing and resulted in the the issuance of Consent Orders and Consent Cease and Desist Order

against the following and all their subsidiaries: All bank and thrift holding company parents of Ally Bank/GMAC, Bank of America, Citibank,Everbank, HSBC, JPMorgan Chase,MetLife, OneWest, PNC, SunTrust, U.S. Bank, and Wells Fargo.

The review uncovered unsafe and unsound practices, violations of law and foreclosure processes geared toward speed and quantity, instead

of quality and accuracy. It was found that they engaged in patterns of filing or causing to be filed in state and federal courts false affidavits

making various assertions, such as ownership of the mortgage note and mortgage; including numerous cases of notary fraud; initiated non-

udicial foreclosure proceedings without always ensuring that either the promissory note or the mortgage document were properly endorsed

or assigned and, if necessary, in the possession of the appropriate party at the appropriate time; failed to ensure proper administration of its

foreclosure processes; failed to devote to its foreclosure processes adequate oversight, internal controls, policies, and procedures,

compliance risk management, internal audit, third party management, and training; and failed to sufficiently oversee outside counsel and

other third-party providers handling foreclosure-related services; and therefore, the Comptroller found by reason of such conduct, that these

Bank, Thrifts, engaged in unsafe or unsound banking practices.

The only way to get a feel for just how dishonest these institutions have been in persistent and routine patterns of fraudulent foreclosure

practices is to click on the respective link for each institution above and read the specific Consent Order and Cease and Desist Order relative

to each.