OCC Rolls Out PSAs for Foreclosure Review Program

by devteam January 4th, 2012 | Share

The Office of Comptroller of thernCurrency (OCC) is rolling out its first public service announcements to alertrnconsumers about the Independent Foreclosure Review announced by it, the FederalrnReserve, and the Office of Thrift Supervision in early November.  The campaign follows the distribution of overrn4 million letters to potentially eligible borrowers which include forms forrnsubmitting requests and instructions on how to use them. </p

The public service materials include arnfeature story and two 30-second radio spots in English and Spanish.  These will be distributed to 7,000 small newspapersrnand 6,500 radio stations throughout the U.S.</p

The announcements inform consumers ofrnthe specifics of the program which lets borrowers who faced foreclosure duringrn2009 or 2010 request reviews of their cases if they believe errors in the proceduresrnused by servicers pursuing foreclosure actions caused them to suffer financialrnloss.  The parameters for determiningrneligibility are explained and borrowers are directed to a starting point forrntheir requests.  Over 20 of the largestrnservicing companies are mandated to offer and process the reviews.</p

Announcement text:</p

Your Independent Foreclosure Review</h3

Did you face foreclosure in 2009 or 2010? If so, the Office of the Comptroller of the Currency says you may be eligible for a free independent review of your case.</p

Independent foreclosure re views let borrowers who faced foreclosure on their primary residences between January 1, 2009 and December 31, 2010 request reviews of their cases if they believe they suffered financial injury as a result of errors in the foreclosure processes of these servicers:  America’s Servicing Company, Aurora Loan Services, Bank of America, Beneficial, Chase,Citibank, CitiFinancial, Citi Mortgage, Country-Wide, EMC, EverBank/Everhome, Freedom Financial, GMAC Mortgage, HFC, HSBC, IndyMac Mortgage Ser vices, MetLife Bank, National City, PNC, Sovereign Bank, Sun-Trust Mortgage, U.S. Bank, Wachovia, Washington Mutual, and Wells Fargo.</p

The reviews will determine whether individuals suffered financial injury and should receive compensation or other remedies due to errors or other problems during their home foreclosure process. The reviews were ordered by the Office of the Comptroller of the Currency and the Board of Governors of the Federal Reserve in April 2011 after the federal regulators found unsafe and unsound mortgage servicing and foreclosure practices among these large, federally regulated mortgage servicers.</p

Situations that may have led to financial injury include, but are not limited to:</p<ul

  • The mortgage balance at the time of the foreclosure action was more than you actually owed. </li
  • Fees charged or mortgage payments were inaccurately calculated, processed or applied. </li
  • You were doing everything a modification agreement required but the foreclosure sale still happened. </li
  • The foreclosure action occurred while you were protected by bankruptcy. </li
  • A foreclosure proceeded on a military member in violation of Servicemembers Civil Relief Act protections.</li

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  • About the Author


    Steven A Feinberg (@CPAsteve) of Appletree Business Services LLC, is a PASBA member accountant located in Londonderry, New Hampshire.

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