Gov't foreclosure relief being done by--the foreclosers
FREE Catholic Classes
Approximately 4.5 million American consumers will be happy to see that the federal government has started its foreclosure review process. The reviews are intended to bring an end to one of the most painful chapters of recent American history.
Highlights
Catholic Online (https://www.catholic.org)
11/2/2011 (1 decade ago)
Published in Business & Economics
Keywords: foreclosure, transparency, OCC, review
LOS ANGELES, CA (Catholic Online) - On Tuesday the Office of the Comptroller of the Currency (OCC) mailed out its first batch of letters informing consumers that they were entitled to review of their foreclosure. The reviews will scrutinize the actions taken by 14 mortgage service's and their affiliates in 2009 to 2010.
The investigations were ordered after federal banking regulators found substantial problems with mortgage servicing and foreclosure processes across the country.
Consumers will have until April 30 to request individual reviews. The reviews themselves could take months to complete. There will only apply to foreclosure actions against primary homes.
Not every homeowner will see relief, but some will. That measure of relief will depend on the severity of the harm.
For those homeowners whose homes are in foreclosure and the sale is scheduled, though sales will need to be postponed.
Consumers have long complained that the foreclosure process has been tainted with unscrupulous behavior and unethical activity at the hands of companies which service mortgages. Many people complain that they were illegally forced out of their homes.
The reviews will be conducted by eight different independent consulting firms. The firms will conduct the reviews, and render their decisions. They will assign restitution in cases where they feel it's warranted.
The OCC insists that the reviews will be both thorough and fair. However, consumer advocates say the process does not appear to be very transparent. They complain that the reviewers are being hired by the regulators themselves. This is true. The OCC is defending the process and telling consumers that all of the reviewers have been approved by their office.
Anyone who entered the foreclosure process between 2009 and 2010 will be entitled to review of their foreclosure under the current measure.
---
'Help Give every Student and Teacher FREE resources for a world-class Moral Catholic Education'
Copyright 2021 - Distributed by Catholic Online
Join the Movement
When you sign up below, you don't just join an email list - you're joining an entire movement for Free world class Catholic education.
-
Mysteries of the Rosary
-
St. Faustina Kowalska
-
Litany of the Blessed Virgin Mary
-
Saint of the Day for Wednesday, Oct 4th, 2023
-
Popular Saints
-
St. Francis of Assisi
-
Bible
-
Female / Women Saints
-
7 Morning Prayers you need to get your day started with God
-
Litany of the Blessed Virgin Mary
Ray Dalio Warns of Potential Civil War, Advises Moving Assets Abroad
-
Understanding Pentecost: A Celebration of the Holy Spirit in the Catholic Tradition
-
Did you know the Catholic Church has a birthday?
-
Catholic Bishops Call for Civil Dialogue Amid Church Polarization
-
Pope Francis Emphasizes Charity as the Pinnacle of Christian Love
Daily Catholic
- Daily Readings for Saturday, May 18, 2024
- St. Pope John I: Saint of the Day for Saturday, May 18, 2024
- Prayer to St. Gabriel, for Others: Prayer of the Day for Friday, May 10, 2024
- Daily Readings for Friday, May 17, 2024
- St. Paschal Baylon: Saint of the Day for Friday, May 17, 2024
- Prayer for Travelers: Prayer of the Day for Thursday, May 09, 2024
Copyright 2024 Catholic Online. All materials contained on this site, whether written, audible or visual are the exclusive property of Catholic Online and are protected under U.S. and International copyright laws, © Copyright 2024 Catholic Online. Any unauthorized use, without prior written consent of Catholic Online is strictly forbidden and prohibited.
Catholic Online is a Project of Your Catholic Voice Foundation, a Not-for-Profit Corporation. Your Catholic Voice Foundation has been granted a recognition of tax exemption under Section 501(c)(3) of the Internal Revenue Code. Federal Tax Identification Number: 81-0596847. Your gift is tax-deductible as allowed by law.