Market Overview

Government To Lenders: Reimburse Homeowners Or Else! (BAC, C, JPM, WFC)

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The federal government has told several different mortgage lenders and servicers today that they must reimburse homeowners who were incorrectly foreclosed upon.

The Federal Reserve, Office of Thrift Supervision and Office of the Comptroller of the Currency told Ally Financial Inc., Aurora Bank, Bank of America (NYSE: BAC), Citibank, Citigroup Inc. (NYSE: C), EverBank, HSBC (NYSE: HBC), JPMorgan Chase (NYSE: JPM), MetLife Bank (NYSE: MET), OneWest Bank, PNC (NYSE: PNC), Sovereign Bank (NYSE: STD), SunTrust Banks (NYSE: STI), U.S. Bank (NYSE: USB) and Wells Fargo (NYSE: WFC).

The service providers mentioned are Lender Processing Services and MERSCORP.

 

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