Watchdog says banks impeded foreclosure inquiry; One notary said the daily volume of documents had increased from 60, to 200, to 20,000.

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Watchdog says banks impeded foreclosure inquiry; One notary said the daily volume of documents had increased from 60, to 200, to 20,000.

Watchdog says banks impeded foreclosure inquiry; One notary said the daily volume of documents had increased from 60, to 200, to 20,000.

Best way to rob a bank is to own one – William Black


Reuters-

Top banks impeded a federal inquiry into their foreclosure processes, according to a report released Tuesday, dragging their feet on turning over documents and blocking investigators’ attempts to interview bank employees.

The inquiry led to the wide-ranging $25 billion mortgage settlement with the five largest mortgage servicers that was announced last month and filed in federal court on Monday.

But the banks hampered an early investigation into whether they were pursuing unlawful foreclosures through shoddy paperwork and lax controls, the inspector general’s office at the U.S. Department of Housing and Urban Development said in its report.

Bank of America (BAC.N), for example, provided only excerpts of files, incomplete documents, and conflicting information to government investigators, and refused to provide some of its foreclosure policies.

It also limited employee interviews, and refused to let employees answer certain questions, the report said.

[REUTERS]

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