Sham OCC Reviews Found to Be a Sham

By: Friday February 24, 2012 11:33 am

I mentioned earlier today that Shaun Donovan tried to sell the weak $2,000 pittance provided to foreclosure victims in the recent servicing settlement by saying that the OCC (Office of the Comptroller of the Currency) reviews still offer the opportunity for individuals who were wrongly foreclosed upon to reap restitution. I scoffed at this because [...]

Donovan: The Foreclosure Fraud Settlement Is Strong Because of the OCC Settlement

By: Friday February 24, 2012 8:15 am

I’ve been amused by the consistent pushback from HUD’s Shaun Donovan, who has made himself into a leading figure just by his ubiquitousness, as it relates to the foreclosure fraud settlement. Donovan has been the point person to rebut criticism of the settlement, and he is back again today in CNN. The settlement, which hasn’t [...]

OCC Settles Servicing Claims for a Paltry $394 Million (Actually $0 Million)

By: Thursday February 9, 2012 8:40 am

If you thought the foreclosure fraud settlement was bad, get this: the Office of the Comptroller of the Currency, the weakest federal regulator in the financial sphere (I’ve taken to calling them the Office of Bank Advocacy), decided to use the cover of the big settlement to announce their fines in their consent order with [...]

Miller, Franken Assail Banks for Continuing Robo-Signing

By: Tuesday July 19, 2011 2:25 pm

Members of Congress expressed outrage and surprise that the nation’s leading banks have continued to engage in robo-signing, months after they swore to the public and in Congressional testimony that they would end the practice. Lawmakers in the House and the Senate said that regulatory enforcement and monitoring needed to be increased, and no settlement [...]

Servicers Still Abusing Homeowners, Service Members, Regardless of the Law

By: Monday May 16, 2011 12:30 pm

Maybe the foreclosure crisis hasn’t been fully solved. But at least we have those consent orders on the top mortgage servicers. At least federal regulators will lay down the law and we’ll get to see those independent reviews of each mortgage company and the wrongful foreclosures they initiated. I mean, at least there will be [...]

Merkley: “Real Concerns” About AG Settlement, Wants Warren at CFPB ASAP

By: Thursday May 12, 2011 1:22 pm

About a year ago, I appeared at Netroots Nation with Sen. Jeff Merkley (D-OR), the Huffington Post’s Ryan Grim and Professor Elizabeth Warren on a panel called “The Forgotten Foreclosure Crisis.” Speaking with Merkley today, I remarked that we could hold the same panel again this year, without changing a word of it, and not [...]

Servicers Rush to Pretend They’re Complying With Foreclosure Laws

By: Friday April 29, 2011 12:39 pm

The Wall Street Journal, pretending that federal regulators imposed actual penalties on the mortgage servicers in their foreclosure fraud consent decree, has a breathless story up today about the rush to fix foreclosure practices and all the money it will cost these companies. Under orders from U.S. regulators, 14 financial institutions have until mid-June to [...]

Citi Magically Changes Assets to Avoid Capital Requirements

By: Tuesday April 19, 2011 12:15 pm

Felix Salmon brings us the news of how Citigroup is skirting its capital requirement: At issue is a pool of $12.7 billion in assets, which is housed at Citi’s “bad bank”, Citi Holdings. In 2008, Citi decided that these assets were not available for sale, and rather were going to be held to maturity. Presto [...]

“Progress” in AG Talks with Banks Over Foreclosure Settlement Doesn’t Look Much Like Progress

By: Monday April 18, 2011 10:30 am

Bloomberg reports progress between state Attorneys General and the big banks on a foreclosure fraud settlement, which isn’t really progress if you look at it: Attorneys general negotiating a settlement of a 50-state investigation of foreclosure practices have reached agreements with lenders on some terms while failing so far to reach an accord on potential [...]

Wherein the WSJ Editorial Page and I (Sort of) Agree

By: Friday April 15, 2011 11:18 am

The good little crony capitalists at the Wall Street Journal editorial page praised the OCC/OTS/Fed settlement with mortgage servicers today, calling it a responsible resolution that didn’t simply score “political points.” I have a piece in The American Prospect today that comes to a rather different assessment: The banks’ sentence is confoundingly light: They have [...]

Democrats Introduce Anti-Foreclosure Fraud Legislation

By: Thursday April 14, 2011 11:45 am

We know about the toothless consent decree on mortgage servicing by OTS, OCC and the Fed. I believe this undermines the AG settlement, but I wasn’t particularly wedded to that settlement, which suffered from many of the same problems and already looked dead in the water. It’s possible that this could turn out very well [...]

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