Email this page Print-Friendly PDF
Share
Print this page
Consumer Financial Services Alert
FRB Releases Action Plans Addressing Residential Mortgage Servicing and Foreclosure Issues

The FRB released action plans for supervised financial institutions to address issues in residential loan servicing and foreclosure processing, in accordance with formal enforcement actions issued last year.  The action plans require nine mortgage loan servicers regulated by the FRB, and the servicers’ parent holding companies, to implement plans that strengthen communications with borrowers, improve oversight of servicing and foreclosure processing conducted by bank and nonbank subsidiaries, and provide remediation for borrowers who suffered financial injuries. Click here for the FRB’s release and here for the action plans.

© 2014 Goodwin Procter LLP. All rights reserved. This informational piece, which may be considered advertising under the ethical rules of certain jurisdictions, is provided with the understanding that it does not constitute the rendering of legal advice or other professional advice by Goodwin Procter LLP, Goodwin Procter (UK) LLP or their attorneys. Prior results do not guarantee similar outcome.

Goodwin Procter LLP is a limited liability partnership which operates in the United States and has a principal law office located at 53 State Street, Boston, MA 02109. Goodwin Procter (UK) LLP is a separate limited liability partnership registered in England and Wales with registered number OC362294. Its registered office is at Tower 42, 25 Old Broad Street, London EC2N 1HQ. A list of the names of the members of Goodwin Procter (UK) LLP is available for inspection at the registered office. Goodwin Procter (UK) LLP is authorized and regulated by the Solicitors Regulation Authority.