This story appeared in Bank Digest.
In remarks before the Institute of International Finance in Washington, D.C., Acting Comptroller of the Currency John Walsh discussed the prospects for recovery of the housing and mortgage markets in the United States. Walsh’s remarks focused on the activities of the banks as mortgage servicers and how the OCC is addressing problems in light of its enforcement orders against 14 mortgage servicers. He noted, “The challenges before us are substantial, but so are the steps we have taken in our enforcement orders. I believe that we are on track to settle outstanding issues in a way that respects the needs of all who have truly suffered from flaws in the system and restores confidence in the system. The sooner the better.”