The biggest banks in the nation may have been on track to find that past foreclosure mistakes outpaced data released by regulators, the Wall Street Journal reported Friday.
Regulators halted a national independent foreclosure review process designed to find errors and mistakes made in the foreclosure process in exchange for a $9.3 billion settlement with major servicers.
However, the WSJ reports the following:
The figures show wide discrepancies in how banks performed in the review and raise questions among some observers about how the process was conducted, according to people who have reviewed figures provided to a federal bank regulator.Sponsor Content
Some 6.5% of files reviewed unveiled errors requiring compensation, officials at the Office of the Comptroller of the Currency said in January. They later revised the error rate to 4.2% after requesting new data, raising the total number reviewed to roughly 100,000 files.