Big banks fail regulator tests

by Justin da Rosa01 Jul 2015
Despite promising to rectify numerous foreclosure abuses, Wells Fargo, JPMorgan Chase U.S. Bancorp and several others have not properly satisfied the regulators.

“We’re not satisfied with where they are at this point in time,” Morris Morgan, deputy comptroller for large banks, said during a conference call according to Detroit News.

Other banks who failed the mortgage servicing tests include Santander Bank, EverBank and HSBC.

Regulators expect banks to make good on those promises within months and not years.

As a result of the failed grades, Wells Fargo and HSBC have been banned from acquiring additional mortgage servicing rights.

Three other banks, including Bank of America, Citigroup and PNC Financial complied with the orders handed out by the regulators.

“Each of the three banks that have satisfied the requirements of the order has completed a significant transformation of their operations, but even the six banks that are getting amended orders have undertaken a significant volume of work,” Morris Morgan, a deputy comptroller for large banks at the OCC, said in a conference call with reporters.
Citigroup, however, did receive failing grades for loan modifications. 


  • by Jak | 7/2/2015 12:55:34 AM

    .the BANKSTERS continue to commit fraud upon hardworking people and fraud upon the courts. The biggest Ponzi scheme the world has ever seen , where the Banksters created credit out of thin air, not for their borrowers, but for the banksters themselves via the Federal Reserve's magic check book, with no bank account behind it. The Bankster then mortgageed that imaginary money to people on the security of overvalued real property with the deliberate aim of reducing the artificially raised property prices and putting people out of work.People without income cannot pay their bills, so they were guaranteed they they could steal all that real property from their rightful owners. Of course you would say to yourself, that makes no sense because the Banksters would lose money when foreclosing on the security , but you'd be wrong because the banksters insured the debt with an insurance company, but just forgot to tell the borrowers that. SO they knew they could not lose. Its what you might call having your cake and eating it too. You see, just secretly insuring the debt was the way they ensured that they lost no money. First they sold investors in Wall Street on the idea of using pensions and other fund moneys to invest in the profitable housing market. Then they sold homeowners on the idea of borrowing money against their rising property values, secure in knowing that they had artificially raised those prices and knew they could reverse that trend rapidly, when the time was right. Then they found another group of investors and sold them on insuring against the unlikely risk of those secure mortgages defaulting. But, as you know, they had already insured the downside risk. So they devised a new name that no one understood called the credit default swap. These were not insurance policies regulated by the states, but were unregulated securities sold on wall street to investors. So, once they got the business of insurance outside of the regulatory realm, it was no holds barred and they sold the same investment to up to 20 different groups in respect of every mortgage pool they pretended to create in the securitized mortgage scam.But people need to lose the mindset of someone who has been brainwashed by the garbage put out by government at state and federal level and echoed in the corporate owned media
    SO therefore, The banksters along side Freddie and Fannie, were and still are continuing to submit fraudulent documents to the courts in order to steal homes from homeowners. They and their substitute trustee lawyers (ie Samuel I White PC, just one of many ) are submitting FRAUDULENT papers to the courts in order to FRAUDULENTLY foreclose on homeowners across the nation. Mortgage notes with Forged Owners signatures and ta-da endorsements are being submitted to the courts in order to steal homes. Bank of america(or as they like to refer to themselves...fka countrywide) made a deal with the attorney generals to modify mortgages that they really had no right to modify as they were illegally acquired to begin with. They committed notary fraud, forgery, added fake endorsements and as their crimes began to come to light............they made a deal and instead of modifications (which they LED the homeowners to believe what was happening)....they handed the fraudulent documents over to Green Tree among others, to foreclose. Meanwhile, homeowners are the ones who are paying the price by having their homes taken because of felonies that are being committed . Fraud upon the courts, racketeering, forgery, wire fraud, notary fraud...pathetic, nauseating, and just all around disgusting. Wake up America. Wake Up.


Should CFPB have more supervision over credit agencies?