By Michael Corkery | The New York Times
A federal regulator confirmed on Wednesday that the country’s biggest banks committed widespread errors in dealing with homeowners who faced foreclosures at the height of the mortgage crisis, but the findings are unlikely to put to rest questions from lawmakers and others about the extent of the problems.
The report released by the Office of the Comptroller of the Currency is a post-mortem of the Independent Foreclosure Review, a costly but ultimately limited examination of how banks mistreated homeowners.
The latest analysis found that at least 9 percent of the errors discovered in the review involved banks improperly denying loan modifications that would have prevented foreclosures. The report also found that more than half of the errors related to administrative flaws and improper fees charged to homeowners during the foreclosures process.
Related: Funds for Troubled Mortgages Are on the Rise
If you’d like to discuss real estate matters, contact Rose Law Group founder Jordan Rose, jrose@roselawgroup.com
