Review of Botched U.S. Foreclosures Beset by Missteps, GAO Says

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Review of Botched U.S. Foreclosures Beset by Missteps, GAO Says

Review of Botched U.S. Foreclosures Beset by Missteps, GAO Says

Not a failure but being paid to turn the other cheek! We now know this all too well.


Bloomberg-

A $2 billion search for U.S. foreclosure errors was hampered by poor planning from the regulators who demanded it, according to a review by the Government Accountability Office.

U.S. banking regulators provided insufficient guidance for the independent review of more than 4 million foreclosures by 14 mortgage servicers in 2009 and 2010, according to a draft of the report.

The review process, which was halted in January without providing compensation to any wronged borrowers, was ordered in 2011 by the Office of the Comptroller of the Currency and the Federal Reserve to compensate borrowers, some of whom lost their homes through foreclosures that relied on poor documentation. For all but three servicers, this process has since been replaced by a $9.3 billion settlement with banks including JPMorgan Chase & Co. (JPM), Bank of America Corp. and Citigroup Inc.

[BLOOMBERG]

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