Sham Foreclosure Reviews Major Cash Cows for Foreclosure Reviewers

By: Saturday November 3, 2012 9:26 am

Jeff Horwitz and Kate Berry have an excellent two-part series in American Banker on these “independent” foreclosure reviews. For background, the Office of the Comptroller of the Currency put together these consent orders with 14 banks last year, separate from the foreclosure fraud settlement, and put together this review process. In theory, independent reviewers would [...]

OCC Sham Foreclosure Reviews: Banks Doing Most of the Reviewing Themselves

By: Thursday October 11, 2012 9:15 am

It’s been painfully clear for a while that these “independent foreclosure reviews” directed by the OCC were nothing more than a scam, a way to once again build hopes among foreclosure victims of restitution for the fraudulent actions of their lenders. The OCC, the lead regulator on the reviews, already biased the entire enterprise by [...]

Regulatory Failure Evident Throughout Housing and Foreclosure Crisis

By: Thursday July 19, 2012 8:55 am

The report that regulators are failing to enforce compliance on Servicemember Civil Relief Act violations fits in a continuum of regulatory failure around the foreclosure crisis. We know that HAMP and HARP have underperformed, and that the settlements around foreclosure fraud fell somewhat below a slap on the wrist. The foreclosure review process, initiated by [...]

GAO Faults OCC on Foreclosure Reviews

By: Friday July 6, 2012 8:15 am

The Government Accountability Office has issued a damning report about the foreclosure review process undertaken by the Office of the Comptroller of the Currency and the Federal Reserve. OCC and the Fed, through a consent order with 14 mortgage servicers, sought third-party reviews of all foreclosures in 2009 and 2010. But they did so by [...]

Loan Modifications During Foreclosure Crisis Provide Only Temporary Relief

By: Thursday June 21, 2012 1:04 pm

The other day, New York Attorney General Eric Schneiderman announced a $60 million program for housing counseling and legal services for borrowers threatened with foreclosure. This will enable them to fight their evictions and get the support they need for working with banks for modifications. I’m happy to see any money from the foreclosure fraud [...]

Treasury IG: OCC Ignored Foreclosure Fraud

By: Monday June 4, 2012 8:15 am

In an interesting case of one federal regulatory agency accusing another, the inspector general of the Treasury Department released a report that faulted the Office of the Comptroller of the Currency for failing to recognize or crack down on widespread foreclosure fraud practices. As foreclosures skyrocketed across the country in the wake of the financial [...]

NYT Botches Story on OCC Foreclosure Reviews

By: Wednesday April 4, 2012 7:36 am

The headline sounded impressive: “Review Finds Possible Flaws in More Than 138,000 Foreclosures.” And it’s a review from the notoriously bank-friendly Office of the Comptroller of the Currency, to boot! Maybe the government has gotten the message on the practices of the mortgage industry! Hardly. The 138,000 number is out of a universe of homes [...]

OCC Foreclosure Reviewer Fabricated Documents for Servicers

By: Tuesday March 6, 2012 12:44 pm

On an uneventful conference call about the not-new new housing programs announced today, HUD Secretary Shaun Donovan said that the documents for the foreclosure fraud settlement have been “essentially completed,” and that they were in the process of gathering the signatures of all the parties in the settlement, including the state AGs, banking regulators and [...]

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 [...]

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