(Source: Wall Street Journal By Alan Zibel) – The nation’s largest banks have submitted plans to fix their troubled mortgage-servicing operations. But those plans will remain confidential, despite calls from some on Capitol Hill to publish the information, a bank regulator said Wednesday.The Office of the Comptroller of the Currency, which regulates national banks, said eight institutions—including Bank of America Corp., J.P. Morgan Chase & Co. Wells Fargo & Co. and Citigroup Inc.—have met a July 13 deadline for submitting detailed plans. The OCC will now review the banks’ action plans, a spokesman said. The four big banks, along with 10 other home-loan servicers, have been under investigation by federal regulators and state officials over breakdowns in procedures for handling foreclosures and requests for loan assistance.
Banks, state attorneys general and federal officials are working on a broad settlement of the allegations, which emerged last autumn after several mortgage servicers acknowledged using what are known as robo-signers, who filed documents to foreclose on homeowners without personally verifying the documents’ contents.
Source: Wall Street Journal By Alan Zibel
July 13, 2011, 9:40 PM ET
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