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U.S. Orders Bank Foreclosure Revamps

U.S. regulators have imposed the first penalties on 14 banks for improper home-foreclosure practices.

U.S. regulators have imposed the first penalties on 14 banks for improper home-foreclosure practices, The Wall Street Journal reports. Under the orders, banks have 60 days to establish plans to clean up their mortgage-servicing processes to prevent documentation errors.

The orders were issued by Comptroller of the Currency, the Federal Reserve and the Office of Thrift Supervision. Among the 14 banks to be issued the orders were Bank of America, Wells Fargo, JP Morgan Chase and Citigroup.

Click here for the story from The Wall Street Journal.

Click here for additional coverage from Bloomberg.

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