Nine of the United States’ biggest banks will now be required to submit monthly mortgage data to federal regulators as pressure intensifies for institutions to modify loan terms for struggling borrowers, Bloomberg reported today.
In a letter to the banks, the US Office of the Comptroller of the Currency (OCC) said: “The OCC is requiring this comprehensive mortgage data in order to assure that we have a detailed picture of the activities of national bank servicers.”
In other US mortgage industry news, the predicted losses from reckless US lending is expected to be higher than originally indicated.
According to a report released to the US Monetary Policy Forum on Friday, the sub-prime crisis may wipe US$1 trillion from the US capital markets and result in total losses of a revised $400 billion.
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