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March 1, 2013

Foreclosure Files Detail Error Gap

Some of the country’s biggest banks were on pace to find a higher rate of past foreclosure mistakes than regulators disclosed in January when they halted a review in favor of a $9.3 billion settlement for homeowners.

The figures show wide discrepancies in how banks performed in the review and raise questions among some observers about how the process was conducted, according to people who have reviewed figures provided to a federal bank regulator.

The banks were ordered in 2011 to hire consultants to review foreclosures in search of possible errors that could result in compensation for borrowers.

Some 6.5% of files reviewed unveiled errors requiring compensation, officials at the Office of the Comptroller of the Currency said in January. They later revised the error rate to 4.2% after requesting new data, raising the total number reviewed to roughly 100,000 files.”

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Read full Wall Street Journal article here

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