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Inside Washington (04/25/2008)
* WASHINGTON (4/28/08)--The Office of the Comptroller of the Currency (OCC) has settled with Wachovia Bank, the agency announced Friday. The bank will make restitution to consumers harmed by its relationships with several telemarketers and third-party payment processors. The estimated maximum amount of potential claims is $125 million. Wachovia also will pay $8.9 million to consumer education programs for the elderly and a $10 million civil money penalty to the U.S. Treasury. Friday’s settlement was reached when the OCC concluded that Wachovia engaged in unsafe practices with payment processors and telemarketers that affected thousands of consumers, many of whom were elderly. Wachovia profited from the activities because it collected fees and balances maintained at the bank by the processors and telemarketers. The OCC also has updated its guidance for national banks regarding the need for effective due diligence, underwriting and monitoring of entities ... * WASHINGTON (4/28/08)--Lenders need to come up with a solution to fix the housing market, Treasury Secretary Henry Paulson said Wednesday during a private meeting with lenders and servicers (American Banker April 25). Congress is working to create a plan to help borrowers nearing foreclosure, but the legislative process is slow, Paulson said. It’s also hard to know how many lenders have been successful with loan modifications, he added. Attendees of Paulson’s meeting were: Robert Steel, Treasury undersecretary of domestic finance, and executives representing Citigroup, Washington Mutual, JPMorgan Chase and Co., Bank of America, Ocwen Financial Corp., Wells Fargo, Indymac Bancorp and Residential Capital ...


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