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News Now

Washington
Inside Washington (01/09/2013)
  • WASHINGTON (1/9/13)--The Office of the Comptroller of the Currency (OCC) gave high priority to cash compensation for abused borrowers in discussing the $8.5 billion settlement with 10 mortgage servicers, American Banker reported Tuesday (Jan 8.). Borrowers will receive $3.3 billion in direct cash payments through the settlement. The OCC must still work out the details about how the money will be divided among borrowers. The settlement calls for banks to contribute to a central settlement fund, with the OCC to divide the money based on rough profiles of bank customers. Among the categories for distribution are borrowers in bankruptcy at the time of foreclosure and those were denied loan modifications …


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