Wells Fargo and HSBC banned from new mortgage servicing business
Gina Chon in Washington and Tom Braithwaite in New York
June 17, 2015 7:07 pm
Wells Fargo, the US’s largest mortgage lender, and HSBC have been banned from taking on new mortgage servicing activities after a US regulator found the banks failed to improve servicing and foreclosure practices.
Deficiencies were also found at JPMorgan Chase, Santander, US Bancorp and EverBank, which all face restrictions on their mortgage servicing businesses, according to orders announced on Tuesday by the Office of the Comptroller of the Currency.
Wednesday, June 17, 2015
The banksters are being locked out of the mortgage market for their persistent unethical and illegal behavior and that's a good thing. Unfortunately, not one bankster will be going to prison.
Posted by Steve J. at 12:48 PM