National Mortgage Settlement Monitor Finds Few Flaws As Consumer Advocates Cry Foul

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National Mortgage Settlement Monitor Finds Few Flaws As Consumer Advocates Cry Foul

National Mortgage Settlement Monitor Finds Few Flaws As Consumer Advocates Cry Foul

HuffPO-

The government-appointed monitor overseeing mortgage practices as part of last year’s robo-signing settlement between five big U.S. banks and dozens of government agencies found few violations after grading the banks’ compliance with ambitious new standards, according to court documents filed Tuesday.

The finding of just three audited failures by Joseph Smith, the government-appointed watchdog heading the Office of Mortgage Settlement Oversight, may prompt criticism by borrower advocates, consumer attorneys, and members of Congress after numerous reports by state attorneys general and housing advocates of pervasive noncompliance with the new mortgage servicing rules the banks agreed to implement as part of the 2012 settlement.

Smith plans to point out five additional unaudited violations that were self-reported by the banks, according to people who have reviewed a report he plans to release on Wednesday. His office has yet to double-check the findings.

[HUFFINGTON POST]

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One Response to “National Mortgage Settlement Monitor Finds Few Flaws As Consumer Advocates Cry Foul”

  1. Sarah says:

    Stooge. Old news, we knew this from the get go. It’s all about protecting the banks no matter what.

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