Foreclosure Reviews: Exorbitant for Banks, Gold Mines for Consultants

Categorized | STOP FORECLOSURE FRAUD

Foreclosure Reviews: Exorbitant for Banks, Gold Mines for Consultants

Foreclosure Reviews: Exorbitant for Banks, Gold Mines for Consultants

You know there is something wrong when these consultants are getting paid $15K per file!


American Banker-

In the wake of the financial crisis, banks mishandled foreclosures on such a scale that regulators stepped in. Led by the Office of the Comptroller of the Currency, they ordered banks to hire independent outsiders to identify homeowners who were wrongly foreclosed on and to provide compensation.

Instead of righting a large-scale wrong, however, the “lookback” reviews have become nearly as controversial as the original servicing blunders. Consumer advocates have blasted the reviews as lacking in independence. They allege that regulators have allowed banks to subvert the program by choosing their reviewers, weighing in on whether borrowers were harmed and even appealing consultants’ decisions.

[AMERICAN BANKER]

© 2010-17 FORECLOSURE FRAUD | by DinSFLA. All rights reserved.



Comments

comments

This post was written by:

- who has written 8716 posts on FORECLOSURE FRAUD | by DinSFLA.

CONTROL FRAUD | ‘If you don’t look; you don’t find, Wherever you look; you will find’ -William Black

Contact the author

Leave a Reply

GARY DUBIN LAW OFFICES FORECLOSURE DEFENSE HAWAII and CALIFORNIA
Advertise your business on StopForeclosureFraud.com

Archives