Foreclosure Review Expected by January

According to Reuters, the Office of the Comptroller of the Currency (OCC) and the Federal Reserve are coordinating their reviews of lenders’ foreclosure policies, procedures and loan documentation. They also report that the major lenders also face state investigations and possible settlements would call for Bank of America Corp, JPMorgan Chase & Co, Wells Fargo and others to contribute money to a fund to assist borrowers who lost their homes to foreclosure. The Financial Stability Oversight Council (FSOC), which is due to meet for the second time on November 23, is also currently being set up to probe the housing foreclosure mess and recommend solutions.

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