Amendments to Fed and OCC Foreclosure Consent Orders

On February 28, the OCC and the Fed released amendments to their consent orders against 13 mortgage servicers for deficient practices in mortgage loan servicing and foreclosure processing.  The amendments memorialize the previously announced agreements with the mortgage servicers and require them to provide $9.3 billion in payments and other assistance (including loan modifications and forgiveness of deficiency judgments) to borrowers.  Joint Release.   

Fed Proposed Rule on Systemically Important Financial Market Utilities

On February 26, the Fed issued a proposed rule that would amend Regulation HH to set out the conditions and requirements for a Federal Reserve Bank to open and maintain accounts for and provide financial services to financial market utilities designated as systemically important by the FSOC.  Comments must be submitted within 60 days of publication in the Federal Register.  Fed ReleaseProposed Rule.