Wells Fargo Leads Bank Foreclosure Halt After OCC Guidance
This article is for subscribers only.
Wells Fargo & Co., the biggest U.S. home lender, halted some foreclosure sales until it can understand new federal guidelines on seizures sent to the nation’s large and mid-sized banks.
The rules from the Office of the Comptroller of the Currency dated last month laid out minimum standards that must be met before a foreclosed home can be sold. Citigroup Inc. also said today it’s evaluating the OCC’s directive.