| Subject: |
Protecting Tenants at Foreclosure Act of 2009 |
|
| Description:
|
New Examination Procedures |
|
Date: January 8, 2010 |
| TO: |
Chief Executive Officers and Compliance Officers of All National Banks,
Department and Division Heads, and All Examining Personnel
|
The Office of the Comptroller of the Currency (OCC) is issuing examination procedures for the Protecting Tenants at Foreclosure Act of 2009 (Tenants Protection Act). The Tenants Protection Act, which is part of the Helping Families Save Their Homes Act of 2009, was effective May 20, 2009, and will expire on December 31, 2012.
The Tenants Protection Act provides protections to bona fide tenants in the case of any foreclosure on a federally related mortgage loan or on any dwelling or residential real property. The tenant protections provide that any immediate successor in interest in such a foreclosed property, including a bank that takes title to a house after foreclosure, will assume the interest subject to the rights of any bona fide tenant and will need to comply with certain notice requirements.
The Tenants Protection Act examination procedures are available at http://www.occ.treas.gov/handbook/compliance.htm. If you have questions, please contact your supervisory office or the Compliance Policy Division at (202) 874-4428.
/signed/
Ann F. Jaedicke
Deputy Comptroller for Compliance Policy
|
|
|
