Fed Releases Banks' Plans To Fix Mortgage Servicing
February 27 2012 - 4:34PM
Dow Jones News
The Federal Reserve on Monday released action plans for
correcting mortgage-servicing delinquencies and developed by nine
large financial institutions after being sanctioned last year.
The action plans are required by major banks that were
sanctioned by the Fed last year for "negligence" in residential
mortgage loan servicing and foreclosure processes. The nine
institutions are Bank of America Corp. (BAC) , PNC Financial
Serivces Group Inc. (PNC) , Everbank, Wells Fargo & Co. (WFC) ,
U.S. Bancorp (USB) , SunTrust Banks Inc. (STI) , MetLife Inc. (MET)
, J.P. Morgan Chase & Co. (JPM) and Citigroup Inc. (C) .
-Ronald D. Orol; 415-439-6400; AskNewswires@dowjones.com
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