Friday, October 1, 2010, 10:00 clockActing Comptroller of the Currency John Walsh said the countries' seven largest lenders to exclude consideration of its process for all the signs of defective documents.
The banks are Bank of America (BAC: 13.92 -2.32%), JPMorgan Chase (JPM: 45.02 -0.60%), Wells Fargo (WFC: 32.70 0.58%), Citigroup (C: 4.86 -0.61%) HSBC Finance Corp. (HTB: 24.86 -0.04%), PNC Bank (PNC: 60.48 -0.58%) and U. S. Bank (USB: 26.84 -0, 45%). Kevin Mukri, a spokesman for the OCC, the regulator directed banks to initiate the review process when Ally Financial employees have signed sworn statements without verifying the present or a notary, that Robo-signing announced.
Ally, formerly GMAC Mortgage is known, is not under the umbrella OCC. JPMorgan Chase, which is the same problem is accepted under the auspices of the Office of the Comptroller of the Currency.
But as attorneys general offices of both Ally and JPMorgan Chase to press the issue, said a source at one of seven banks in the government greater powers abused under recent legislation, the political advantage the question Robo-signature.
"The OCC is looking at big name to his attack regulatory flex muscles," said the source. "It is a classic example of the uneven application of government regulations."
Nevertheless, regulators are still pressing the issue.
"As with the bank when I see Ally JP Morgan was the cancellation of frivolous filings entered in our courts, I will demand accountability," Lisa Madigan Illinois AG said Thursday in a statement demanding a meeting with JPMorgan Chase.
