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| Fed Issues Sanction Against MetLife
Order tied to faulty servicing, foreclosure practices
Aug. 7, 2012
By MortgageDaily.com staff
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MetLife Inc. can't get out of the mortgage business fast enough. The insurance provider has been hit with a monetary sanction in connection with its servicing and foreclosure practices. The sanction is similar to those handed out to larger banks in February in connection with the massive mortgage servicer settlement.
In April 2011, Bridgewater, N.J.-based MetLife Bank, N.A., was one of more than a dozen major mortgage servicers hit with consent orders by the Federal Reserve, the Office of the Comptroller of the Currency or the Office of Thrift Supervision. The orders required the servicers to clean up their foreclosure and servicing processes.
Servicing deficiencies addressed by the orders were summarized in the Interagency Review of Foreclosure Policies and Practices jointly produced by the Federal Reserve Board, the OCC and the Office of Thrift Supervision. |
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read full Order of Assessment of a Civil Money Penalty
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