Big Banks' Hold on Regulators Must Be Broken: Barofsky

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Big Banks’ Hold on Regulators Must Be Broken: Barofsky

Big Banks’ Hold on Regulators Must Be Broken: Barofsky

American Banker-

Lawsuits against banks are flying, the presidential candidates are promising action – yet none of it will solve the lingering financial mess.

So says Neil Barofsky, the former special inspector general for the Troubled Asset Relief Program. He was as critical as ever of policymakers and financial firms, and called for more independent regulation in a talk at the Museum of American Finance in New York on Thursday evening.

The recent wave of lawsuits by the government against Bank of America (BAC), JPMorgan Chase (JPM), Wells Fargo (WFC) and other banks over their practices in the run-up to the mortgage meltdown will have a negligible impact, he predicted. But the allegations, if true, point to an enduring pattern of conduct, he says.

[AMERICAN BANKER]

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One Response to “Big Banks’ Hold on Regulators Must Be Broken: Barofsky”

  1. Jenna LaFleur says:

    Neither the OCC nor the comptroller of the currency took any notice of my thorough complaints of the predatory lending,and fraudulent foreclosures based on false Loan Applications and HUD Docs by the broker, that were hidden from me.

    I can hardly believe the OCC nor the COMP CURRECY EVER GAVE ME A WRITTEN RESPONSE THESE LAST TWO YEARS!!!

    In Bed, yes, I guess so.

    Disgusting, YES.

    Oh, a lady from one of those places called and screamed AT ME that I DID have a $90,000 a year income, I DID have a 24.5 year business and that my home WAS worth $1,000,000.00. She never listened to me, or she would have heard again, that being a disabled person for 20 years…..all of those Broker’s Loan App documents (signed only by him) were FRAUD ON ME, FRAUD ON THE BANK AND NOW FRAUD ON THE COURT.

    Nobody seems to care about the homeowners. All of the recent lawsuits giving the investors money backed (after they were already paid by insurance), ignored the FACT THAT ALL OF THOSE FED AND STATE LAWSUITS AGAINST THE BANKS WERE BASED UPON THE BAD LOANS GIVEN TO HOMEOWNERS (LIKE MINE), AND the HOMEOWNERS WHO HAD THE FRAUDULENT FORECLOSURES AND LOSSES OF THEIR HOME SHOULD HAVE BEEN COMPENSATED. ???

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