By Vicki Needham - 06/14/11 08:22 PM EDT
On Monday, the OCC announced it was giving banks an additional 30 days to file “action plans” for how they will comply with new foreclosure requirements laid out in the OCC’s April 13 consent orders to allow for the coordination of actions with other agencies at the state and federal level.
Recently, several servicers under OCC's jurisdiction have agreed to submit, in a matter of days, action plans that are supposed to contain complete explanations of all the steps that will be taken, including efforts to strengthen foreclosure and foreclosure prevention controls and procedures.
The plans are intended to clarify and improve the roles of mortgage servicers while helping homeowners.
"In this regard, we urge you to consider the servicing standards proposed by the state attorneys general, and to incorporate appropriate provisions of introduced legislation that will support the work that must be done to improve the foreclosure process and help homeowners avoid foreclosure, they wrote.
"Taken together, these policies would be a better basis for a more fair and equitable system going forward."
Sens. Jack ReedJack ReedDems to GOP: Admit Trump is 'unfit' to be president Armed Services leaders encouraged after first conference meeting US urges China to be calm in wake of South China Sea ruling MORE (D-R.I.), Richard BlumenthalRichard BlumenthalLawmakers mourn Gene Wilder’s death 'Power problem' grounds southern Florida flights Dem senator's daughter could face Congress over EpiPen price hike MORE (D-Conn.), Banking Committee Chairman Tim JohnsonTim JohnsonFormer GOP senator endorses Clinton after Orlando shooting Housing groups argue Freddie Mac's loss should spur finance reform On Wall Street, Dem shake-up puts party at crossroads MORE (D-S.D.), Judiciary Committee Chairman Patrick LeahyPatrick Leahy'CREATES Act' would only create more lawsuits Sanders, liberals press Obama to expand closure of private prisons Police union: Clinton snubbed us MORE (D-Vt.), Sheldon WhitehouseSheldon WhitehouseDem senator: Clinton may command 'majority of the Republican caucus' Banking association backs financial transparency bill Shift in care could reverse the opioid epidemic MORE (D-R.I.), Bob MenendezRobert MenendezConfirm Julien Neals for the district of New Jersey Puerto Rico task force asks for help in charting island's economic course Tim Kaine backs call to boost funding for Israeli missile defense MORE (D-N.J.), Daniel Akaka (D-Hawaii), Chuck SchumerCharles SchumerDems' Florida Senate primary nears its bitter end Trump was wrong: Kaine is a liberal in a moderate's clothing Trump poised to betray primary supporters on immigration MORE (D-N.Y.), Sherrod BrownSherrod BrownLame duck TPP vote could be disastrous for Dems—and America The Trail 2016: Her big night Kaine as Clinton's VP pick sells out progressive wing of party MORE (D-Ohio), Dick DurbinDick DurbinTrump poised to betray primary supporters on immigration Dem wants hearing on EpiPen price hikes Legislators privacy fight coincides with FCC complaint MORE (D-Ill.), Al FrankenAl FrankenYou're hired: Cuban best Trump stand-in for Clinton debate prep Liberal hypocrisy on the free exchange of ideas Winners and losers of the Dem convention MORE (D-Minn.), and Jeff MerkleyJeff MerkleySanders, Merkley back McConnell decision to skip TPP vote GOP senator: Anti-fossil fuel candidates ‘not fit’ for federal office Dem anxiety hangs over Clinton MORE (D-Ore.) wrote that "a persistently weak housing market represents one of the greatest threats to a sustained and lasting economic recovery."
"We are at a critical moment to achieve a better sense of stability and confidence in the administration and processing of our nation’s mortgages," the senators wrote. "In short, your efforts are needed to help lay a foundation for our housing markets to firmly recover."