The FDIC today clarified its expectations for banks when discontinuing foreclosure proceedings. The agency said that banks must have appropriate policies and practices in place to obtain and assess current information on the market value of the property subject to foreclosure; determine whether liens on the property should be released; notify local authorities of their decision to abandon the foreclosure; and notify the borrowers that the foreclosure has been discontinued.
FDIC issues relief guidance for Minnesota and Alaska banks affected by storms
The agency has posted information and resources to its disaster page for institutions in Alaska affected by severe storms, flooding, and Typhoon Halong as well as for banks in areas of the Leech Lake Indian Reservation in Minnesota...
