Adam Levitin: More Rot in the OCC Foreclosure Reviews

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Adam Levitin: More Rot in the OCC Foreclosure Reviews

Adam Levitin: More Rot in the OCC Foreclosure Reviews

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Michael Olenick, Gretchen Morgenson, and Yves Smith have all written pretty damning things about the foreclosure reviews persuant to the OCC consent orders with major mortgage servicers. (For my own previous thoughts, see here and here.) I’ve just started to peruse some of the engagement letters with the firms conducting the reviews, and the rot is even worse that these other critics portray.

What follows is in no way a comprehensive cataloging of the problems in the OCC foreclosure review process–this is just what I spotted from the briefest of perusals.  Yet it is clear that there are two types of serious problems:  conflicts of interest and flawed substance of the review process. I’ll lay both out below and then give some thoughts as to what could and should be done to remedy this farcical process in order to ensure some accountability to the public and justice for homeowners. The post concludes with some thoughts about the core problem–the OCC–and what can be done to remedy it.   

Conflicts of Interest

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One Response to “Adam Levitin: More Rot in the OCC Foreclosure Reviews”

  1. Pamela says:

    The rot is pervasive and will never go away until we do away with it once and for all.Just another game they want to play with us.

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