Federal Reserve issues enforcement actions related to deficient practices in residential mortgage loan servicing and foreclosure processing
By FRB -

April 13, 2011 – (RealEstateRama) — The Federal Reserve Board on Wednesday announced formal enforcement actions requiring 10 banking organizations to address a pattern of misconduct and negligence related to deficient practices in residential mortgage loan servicing and foreclosure processing. These deficiencies represent significant and pervasive compliance failures and unsafe and unsound practices at these institutions.


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FRB
http://www.federalreserve.gov/

The seven members of the Board of Governors of the Federal Reserve System (FRB) are nominated by the President of the United States and confirmed by the U.S. Senate. By law, the appointments must yield a "fair representation of the financial, agricultural, industrial, and commercial interests and geographical divisions of the country," and no two Governors may come from the same Federal Reserve District.

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Board of Governors of the Federal Reserve System
20th Street and Constitution Avenue NW
Washington, DC 20551

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