Discontinuation of Foreclosure Proceedings Summary
The residential real estate foreclosure process presents operational, compliance, and reputational risk the Bank needs to address. The Board and Bank management not only need to identify all the risks and implement procedures to address, monitor and mitigate these risks; the decision to discontinue foreclosure proceedings must also be addressed. The FDIC clarified regulatory expectations in existing guidance for banks when the decision to discontinue foreclosure proceedings have been made in FIL-14-2016.
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