OCC Calls for Withdrawal of Appraisal Pact

[Brad Ellis]

Moh,

OCC regulates and supervises banks to make sure that they do safe and sound lending. Banks like Countrywide and WAMU and other chartered banks.

Actually that is not correct. Both CW and WAMU are federal savings banks and they are regulated by the OTS- Office of Thrift Supervision. OCC is the office of Comptroller of the Currency and they have little regulatory oversight authority as respects savings banks.

Brad

 

[Lost Cause]

Regulator Inaction Is Inexcusable

Hal: A couple of points to ponder ; 1- Cuomo was on the board of a now defunct AMC
2- AMC's stand to make several billion per year 3- AMC's are virtually unregulated. 4 - AMC's provide value insurance. I wonder if they are paying out with all the foreclosures?:Eyecrazy:

A lot of what you say is true, but while AMCs have a lot of power in the appraisal industry, they are a mere speck in the big business picture. AMCs don't have the kind of influence and power that can direct large government institutions. Whatever it is that is holding the regulators back, it is something way beyond AMCs or any part of the real estate appraisal profession.

I am not a big Andrew Cuomo fan, but I think its pretty clear that he is aware of the abuses of AMCs and has no interest in toadying up to them. Like him or no, at least Cuomo actually tried to do something about it.

 

[moh malekpour]

Moh,



Actually that is not correct. Both CW and WAMU are federal savings banks and they are regulated by the OTS- Office of Thrift Supervision. OCC is the office of Comptroller of the Currency and they have little regulatory oversight authority as respects savings banks.

Brad

Brad,
This is the LOGO of OCC website:

The Office of the Comptroller of the Currency was created by Congress to charter national banks, to oversee a nationwide system of banking institutions, and to assure that national banks are safe and sound, competitive and profitable, and capable of serving in the best possible manner the banking needs of their customers

Aren't WAMU and Countrywide national Banks?
http://www.occ.treas.gov/

 

[xmusienb]

Hal: A couple of points to ponder ; 1- Cuomo was on the board of a now defunct AMC
2- AMC's stand to make several billion per year 3- AMC's are virtually unregulated. 4 - AMC's provide value insurance. I wonder if they are paying out with all the foreclosures?:Eyecrazy:

There was a really good post by Rudy i think that connected the dots pretty nicely. I Can't seem to find it now. It demonstrated a money trail to some folks i've seen post right here on this forum.

 

[Howard Klahr]

Aren't WAMU and Countrywide national Banks?

No.


Countrywide Bank, FSB (FDIC Cert: 33143) is a Savings Association
Washington Mutual Bank FSB (FDIC Cert: 33891) is a Savings Association

The primary regulator is Office of Thrift Supervision (OTS).
For consumer assistance regarding an issue with this institution, please contact the OTS directly

 

[moh malekpour]

No.


Countrywide Bank, FSB (FDIC Cert: 33143) is a Savings Association
Washington Mutual Bank FSB (FDIC Cert: 33891) is a Savings Association

The primary regulator is Office of Thrift Supervision (OTS).
For consumer assistance regarding an issue with this institution, please contact the OTS directly

This is a link to the list of national banks with their charter numbers which are regulated by OCC. Countrywide is on the list.
http://www.occ.treas.gov/foia/nblist_Name_St_City_BankNet.pdf

 

[moh malekpour]

No.


Countrywide Bank, FSB (FDIC Cert: 33143) is a Savings Association
Washington Mutual Bank FSB (FDIC Cert: 33891) is a Savings Association

The primary regulator is Office of Thrift Supervision (OTS).
For consumer assistance regarding an issue with this institution, please contact the OTS directly

This is a link to the list of national banks with their charter numbers which are regulated by OCC.
Countrywide Bank, NA (National Association) Charter NO 24141 is a charter national bank and is on the list. Please click on the link below and scroll down to find the countrywide bank http://www.occ.treas.gov/foia/nblist_Name_St_City_BankNet.pdf

 

[Howard Klahr]

The source of information you posted is dated Oct 2006. The attached file is a copy from the OTS web site of the directory entry for Countrywide of institutions they regulate dated May 28, 2008.

Here is an excerpt from Countrywide’s 10K for Dec 31, 2007 filed Feb 29, 2008 with the SEC

Regulations
Regulations Applicable to Financial Institutions and their Holding Companies
General
As a savings and loan holding company, Countrywide is supervised and regulated by the Office of Thrift Supervision (‘‘OTS’’), as is its federal savings bank subsidiary, Countrywide Bank. Because it is an FDIC-insured institution, Countrywide Bank also is subject to regulation by the FDIC.

Here is the link to the press release by the OTS approving Countrywide as a Savings Bank

OTS Approves Countrywide Application - March 5, 2007

Is this suffcient or is some other support necessary?

 

[rcsone]

...moving targets are harder to hit.....as Countrywide continued, the reserve and regulatory criteria are different for thrift vs. bank, so they moved more toward the thrift angle....they, like the caught rat, were looking for anyway out, even if temporary in relief.....rs

 

[moh malekpour]

The source of information you posted is dated Oct 2006. The attached file is a copy from the OTS web site of the directory entry for Countrywide of institutions they regulate dated May 28, 2008.

Here is an excerpt from Countrywide’s 10K for Dec 31, 2007 filed Feb 29, 2008 with the SEC



Here is the link to the press release by the OTS approving Countrywide as a Savings Bank

OTS Approves Countrywide Application - March 5, 2007

Is this suffcient or is some other support necessary?

I didn't know countrywide did that kind of move. Now, I see why they did it. It seems that countrywide was the sleaziest of all. If Countrywide is bought by B of A and B of A is national bank, then countrywide is going to be national bank anyway.