BANK OF AMERICA CEASE AND DESIST ORDER FOR CERTAIN DEFICIENCIES AND UNSAFE OR UNSOUND PRACTICES
By Daniel Edstrom
DTC Systems, Inc.
On April 13, 2011 the Office of the Comptroller of the Currency issued a Consent Cease and Desist Order. The order states that Bank of America has committed “deficiencies and unsafe or unsound practices identified by the OCC …” The OCC finds numerous problems to which the bank “neither admits nor denies”. Such as “failed to sufficiently oversee outside counsel and other third-party providers handling foreclosure-related services.”
Read the order here: http://dtc-systems.net/wp-content/uploads/2011/04/Consent_Order_for_Bank_of_America.pdf
A good start..alot of people still want to see handcuffs. I just want to see remediation…to anyone fraudulently foreclosed upon by an entity who didn’t have papers–and therefore had no rights…
There are three classes of persons I hope will benefit from the Order: those who were actually displaced from their home; those who are presently being subjected to foreclosure; those seeking a modification.
If this is to be effective, the government must make it clear exactly who the effected homeowner class should contact to start the remedial ball rolling. We all need to pressure the Comptroller about this so that we all know how to proceed. I am at rnwil3@aol and my name is Ron