Megabanks Extend and Pretend They Won't Pay for Foreclosure Fouls

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Megabanks Extend and Pretend They Won’t Pay for Foreclosure Fouls

Megabanks Extend and Pretend They Won’t Pay for Foreclosure Fouls

Francine McKenna-

It was pitched as good news for foreclosed-upon borrowers: Last month regulators announced an extension for those seeking reviews of servicers’ actions under the April 2011 federal consent orders. Consumers now had until yearend to submit claims.

I think the big mortgage servicers, and their consultants, are in no hurry to start the reviews. They’d love it if these megabanks never have to pay borrowers a dime.

“Reviews are still underway. We hope the compensation will begin soon with a limited number of borrowers receiving compensation in the fourth quarter of 2012” says Bryan Hubbard, a spokesman for the Office of the Comptroller of the Currency. Regulators have been promising lump-sum payments “from $500 to, in the most egregious cases, $125,000 plus equity,” for a while. But, as yet, there have been no payments to borrowers. The independent consultants, engaged by the large banks and paid directly by them, haven’t yet made any payment recommendations, according to Hubbard.

Who’s getting paid in the meantime? The independent consultants.

[AMERICAN BANKER]

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2 Responses to “Megabanks Extend and Pretend They Won’t Pay for Foreclosure Fouls”

  1. Judith McDonald says:

    Consent order was NEVER followed by Bank of America in July 2011 3 months after this consent order Bank of America commit crime at the recorder of deeds in Wilmington Delaware on behalf of Fannie Mae, bank of america is merely the servicer, what’s going on is smoke & mirrors.
    My God the amount of fraud I’ve seen committed is outstanding and it was done after CONSENT order. So, I ask homeowners do you believe officials are willing to help you or the bank?

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