Statement from Comptroller of the Currency Thomas J. Curry on the IFR Settlement

WASHINGTON — The OCC released the following statement by Comptroller of the Currency Thomas J. Curry regarding the settlement with 10 mortgage servicers subject to enforcement actions for deficient practices in mortgage loan servicing and foreclosure processing.

When we began the Independent Foreclosure Review, the OCC pledged to fix what was broken, identify who was harmed, and compensate them for that injury. While today's announcement represents a significant change in direction, it meets those original objectives by ensuring that consumers are the ones who will benefit, and that they will benefit more quickly and in a more direct manner.

We have learned a great deal from the reviews that have been conducted to date. However, it has become clear that carrying the process through to its conclusion would divert money away from the impacted homeowners and also needlessly delay the dispensation of compensation to affected borrowers. Our new course of action will get more money to more people more quickly, and it will speed recovery in the nation's housing markets.