Today, there will be two posts, one now and one in a couple of hours. The first is to announce that the Office of the Controller of the Currency (OCC) has assessed the five largest mortgage servicers with financial penalties totalling $765 Million. These firms are JP Morgan Chase, BofA, Wells, Citi and Ally (formerly known as GMAC). These penalties are for "unsafe and unsound mortgage servicing and foreclosure practices" by these firms. Now three quarters of a billion taken against the total assets of these five firms is not a lot of money, but it's still a pretty large piece of change, and you can bet the institutions aren't happy having to pay it. Perhaps it will cause them to avoid such practices as robo-signing in the future.
The second posting today, come back later today, will detail the massive settlement between the major lenders and 49 of the 50 states.
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