OCCUPY FIGHTS FORECLOSURES DENOUNCES THE OCC'S HANDLING OF INDEPENDENT FORECLOSURE REVIEW PROGRAMOccupy Fights Foreclosures demands the Office of the Comptroller of the Currency extend its application deadline for independent foreclosure review
December 31, 2012
LOS ANGELES - The Office of the Comptroller of the Currency has failed those who have been financially devastated due to wrongful foreclosures by mortgage lenders and servicers. The Independent Foreclosure Review process announced in April, 2011 grew out of an OCC enforcement action against the abusive mortgage lending and foreclosure practices of the 14 largest banks and servicers. In order to be considered for financial compensation following the loss of their home, applicants were to complete a report with details about how the bank handled their foreclosure process.
With the December 31st deadline looming, Occupy Fights Foreclosures argues the OCC did not properly notify the public and advertise the program. Many homeowners had no idea that the review process was available to them even though these homeowners were desperately working with government agencies, law firms, and community advocacy groups to recover some of their losses. Why hadn’t the OCC properly publicized the program to reach people who had lost their homes?
The review process is also inherently discriminatory. The applicant must print out the form from an internet website, which makes access to the review impossible for those who lack the resources for computer access.
Given the OCC’s mishandling of the Independent Foreclosure Review program, Occupy Fights Foreclosures requests that the application deadline be extended and that the OCC address the other problems of access explained above.