Wells, Citi Halt Most Foreclosure Sales as OCC Ratchets Up Scrutiny

May 20, 2013
American Banker  
mortgage lending news

Wells Fargo and Citigroup have ceased the bulk of their foreclosure sales in multiple states in the wake of new guidance by the U.S. Office of the Comptroller of the Currency (OCC). The slowdown is a response to OCC's April issuance of minimum foreclosure sales standards, while the Federal Reserve released identical guidance to the banks it oversees. Consequently, Wells' foreclosure sales in five Western states fell from as many as 349 per day in April to fewer than 10 per day across the entire region, reports Foreclosure Radar. OCC representative Bryan Hubbard notes that while the OCC did not order a slowdown or pause, such actions are "responsible and productive" if services are unsure that they are meeting the standards.
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