FIL-14-2016: Discontinuation of Foreclosure Proceedings

FDIC Subscriptions sent this bulletin at 03/02/2016 04:08 PM EST

Financial Institution Letter

Discontinuation of Foreclosure Proceedings FIL-14-2016
3/2/2016

Summary:

The FDIC is clarifying supervisory expectations in existing guidance for institutions' risk-management practices for decisions to discontinue foreclosure proceedings after initiating such actions, which are commonly referred to as abandoned foreclosures. Institutions should have appropriate policies and practices pertaining to decisions to discontinue foreclosure actions.

Statement of Applicability to Institutions With Total Assets Under $1 Billion: This Financial Institution Letter applies to all FDIC-supervised institutions.

Distribution:
FDIC-Supervised Institutions

Complete Financial Institution Letter: http://www.fdic.gov/news/news/financial/2016/fil16014.html

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