Cease & Desist Orders for: Citigroup, HSBC, JP Morgan Chase, MetLife, PNC, SunTrust, US Bancorp and Wells Fargo Bank
By Daniel Edstrom
DTC Systems, Inc.
The latest round of Cease and Desist orders issued by the Office of the Comptroller of the Currency (OCC) are against some of the largest “too big to fail” banks. Notably missing so far is Deutsche Bank National Trust Company along with Deutsche Bank Trust Company Americas and of course OneWest Bank.
The gist of these Cease and Desist orders is that certain “deficiencies” were found and the banks are operating with “unsafe or unsound” practices in residential mortgage servicing and in the Bank’s initiation and handling of foreclosure proceedings.
We hail the OCC for these efforts, but the problem is following up. How are the banks going to immediately comply with this order? They would have to stop processing nearly every single foreclosure they are working on today.
