The Office of the Comptroller of the Currency, the Federal Reserve and the Office of Thrift Supervision released enforcement action against fourteen major bank/servicers in the form of consent orders.
Word was last week that federal banking regulators, not the state attorneys general, were going to announce some kind of "enforcement action" against 14 big banks/servicers in the so-called "robo-signing" foreclosure paperwork mess today or tomorrow. Now I'm told that may be a bit delayed, and now I'm reading the AGs expected punitive monetary "settlement" is also in question.
Right now banks are pushing foreclosures to market faster than ever, perhaps due to improving paperwork procedures, and perhaps due to the fear of some kind of settlement/penalty coming down the pike from state attorneys general and federal regulators. In any case, the volumes are rising, and that hurts home prices and home builders.