Foreclosure Fraud Review Scrapped On Eve Of Critical Watchdog Report, Congressman Says

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Foreclosure Fraud Review Scrapped On Eve Of Critical Watchdog Report, Congressman Says

Foreclosure Fraud Review Scrapped On Eve Of Critical Watchdog Report, Congressman Says

Rep. Brad Miller, a North Carolina Democrat, told The Huffington Post that the report, which has not been released, was “critical” and that the Office of the Comptroller of the Currency, which administers the review, was aware of its findings. Miller said that that one problem the GAO was likely to highlight was an “unacceptably high” error rate of 11 percent in a sampling of bank loan files.

HuffPO-

The surprising decision by regulators to scrap a massive and expensive foreclosure review program in favor of a $10 billion settlement with 14 banks — reported by The New York Times Sunday night — came after a year of mounting concerns about the independence and effectiveness of the controversial program.

The program, known as the Independent Foreclosure Review, was supposed to give homeowners who believe that their bank made a mistake in handling their foreclosure an opportunity for a neutral third party to review the claim. It’s not clear what factors led banking regulators to abandon the program in favor of a settlement, but the final straw may have been a pending report by the Government Accountability Office, a nonpartisan investigative arm of Congress, which was investigating the review program.

[HUFFINGTON POST]

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2 Responses to “Foreclosure Fraud Review Scrapped On Eve Of Critical Watchdog Report, Congressman Says”

  1. joe says:

    When is everybody in this country going to open their eyes.Mostly all home loans were payed off 3 or 4 times all these serviceers and banks have fake and forged Paper work they can’t prove ownership .These judges are giving these banks and servicers free houses. There are laws is this country to protect us from all this fake paperwork . But these judges are making their own laws up. Like the judge I had judge Judith McMahon wife of former congressman of staten island new york Michael McMahon he received contributions from Wells fargo. I have a story to tell about what she did while I was in court fighting my Foreclosure case. Plus she did stuff behind my back when I wasn’t there.

  2. lk says:

    I have the same even worse problem with the same pro-crime pro-foreclosure judge. Spouse still receives big $$$ from Wells Fargo and is involved with many investments, banks, RE and much more… Send me email if your case is as loaded with absurd fabricated backdated documents like mine. HUD/FHA issued mortgage fraud # (foreclosure fraud numbers do not exist yet) but this judge is above the law. All her judgments must be set aside due to undisclosed fin. interest. She had WF mortgage herself but this is OK, if the rest of financial pro-banks interests did not exist.

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