Offering a cautionary tale to banks, the Board of Governors of the Federal Reserve fined a national bank $ 8.6 million for the improper execution of residential mortgage-related documents while a 2011 Consent Order was in place. The Consent Order required the financial institution and its subsidiary to specifically address their deficiencies related to mortgage servicing and the failure to comply with the order – coupled with conduct that constituted unsafe or unsound banking practices under the Federal Deposit Insurance Act – resulted in the multimillion-dollar fine.

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