Multiple U.S. Banks Fined following the End of Fed Foreclosure Cases

January 16, 2018

 

Multiple U.S. banks have received sanctions against from the Federal Reserve due to mishandling post-crisis mortgage foreclosures, according to a new report. The report names Goldman Sachs Group, Morgan Stanley, U.S. Bancorp, PNC Financial Services Group and CIT Group and as some of the banks feeling the sting.

 

"The Fed had earlier fined other banks, including Bank of America, JPMorgan Chase, Ally Financial, SunTrust Banks and HSBC Holdings," according to National Mortgage News.

 

"After the banks were accused of botching thousands of foreclosures in 2011, the Fed and other regulators required lenders to fix problems in their servicing of residential mortgages."

 

The Fed's terminated earlier enforced sanctions pointing towards satisfaction with the current penalties being enforced, as well as the banks abilities to improve their practices, according to the report.

 

For more on the sanctions against the banks and which banks were affected, click on the image above

 

 

 

 

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