Safety and Soundness: OCC's Supervision of National Bank's Foreclosure Practices.

摘要

This report presents the results of our audit of the Office of the Comptroller of the Currency’s (OCC) supervision of foreclosure practices at national banks with large mortgage servicing portfolios during the period 2008 through 2010. Our audit objectives were to determine (1) the sufficiency of existing procedures for supervising loan documentation and foreclosure practices at national banks which own or service mortgage loans and (2) the effectiveness of the application of these procedures. We included this audit in the Office of Inspector General Fiscal Year 2011 Annual Plan in response to reports of “robo-signing” and document manipulation by financial institutions pursuing foreclosure in connection with the wave of mortgage defaults caused by the economic crisis. Also, this is an area of OCC supervision that we had not previously reviewed.