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Sunday, May 19, 2013

Report: Wells Fargo, JPMorgan Chase and Citigroup "nearly halt foreclosure sales"

by Calculated Risk on 5/19/2013 08:00:00 PM

From Scott Reckard at the LA Times: 3 big banks nearly halt foreclosure sales after U.S. tweaks orders

Sales of homes in foreclosure by Wells Fargo & Co., JPMorgan Chase & Co. and Citigroup Inc. ground nearly to a halt after regulators revised their orders on treatment of troubled borrowers during the 60 days before they lose their homes.

The banks said they paused the sales on May 6 to make sure that their late-stage foreclosure procedures were in accordance with the guidelines.
"We are in the process of complying and following the directive set forth in the OCC guidance," Citigroup said.

Wells, saying the latest OCC bulletin had "slight changes from the previous," declared that it "wanted to be absolutely sure that our interpretation of the language was the same as our regulators."
This will probably be a temporary delay. Here is the new Operating standards for scheduled foreclosure sales, but I'm not sure what was changed.