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Inside Washington (01/08/2013)
  • WASHINGTON (1/8/13)--Ten mortgage servicing companies have reached an $8.5 settlement agreement with the Office of the Comptroller of the Currency (OCC) and the Federal Reserve Board over alleged foreclosure abuses. The agreement includes Aurora, Bank of America, Citibank, JPMorgan Chase, MetLife Bank, PNC, Sovereign, SunTrust, U.S. Bank and Wells Fargo, said the agencies' press release. The amount includes $3.3 billion in direct payments to eligible borrowers and $5.2 billion in other assistance, such as loan modifications and forgiveness of deficiency judgments. The payments involve mortgage servicers operating under enforcement actions issued in April 2011 by the OCC, the Fed and the Office of Thrift Supervision. The agreement entitles more than 3.8 million borrowers whose homes were in foreclosure in 2009 and 2010 to cash compensation. Eligible borrowers likely will receive compensation ranging from hundreds of dollars up to $125,000, depending on the type of possible servicer error …
  • WASHINGTON (1/8/13)--Sens.Dean Heller (R-Nev.) and Tom Coburn (R-Okla.) have been appointed to the Senate Banking Committee. Heller and Coburn fill positions vacated by Sen. Jim DeMint (R-S.C.) and Sen. Roger Wicker (R-Miss.). DeMint resigned to lead the Heritage Foundation, a conservative think tank (American Banker Jan. 7). Wicker has taken different congressional committee assignments. Coburn may be familiar to credit unions because he successfully worked last year to expand a short-term extension of the National Flood Insurance Program into a Credit Union National Association-supported five-year extension. He previously served three terms in the House and joined the Senate in 2005. Heller, who previously worked in the financial services industry and served on the House Financial Services Committee, was backed during the fall election by Friends of Traditional Banking, a bank superPAC …


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