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Promontory Financial Group has fired "several hundred" temporary workers in Denver after the federal Office of the Comptroller of the Currency shut down the Independent Foreclosure Review, which was formed to investigate big banks’ foreclosure processes.
Federal regulators announced Monday that 10 major U.S. banks and mortgage companies, including Wells Fargo ($40.24 0.23%), Bank of America ($13.24 0.03%), U.S. Bank, Citibank ($50.52 -0.01%) and JPMorgan Chase ($53.66 0.31%), had agreed to pay $8.5 billion to settle complaints of foreclosure abuse.
The settlement ended the OCC’s oft-criticized foreclosure review program.
Promontory spokeswoman Debra Cope confirmed that there were "several hundred terminations" of temporary workers at the company’s Denver office on Monday and Tuesday because of the end of the Independent Foreclosure Review.
"These people were temporary workers whose term of engagement with us would have ended in a matter of months" when the reviews were completed, Cope said. "Many were employed by staffing agencies."
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