Do you think you understand just how badly we’re all getting screwed by the banks and their teams of lawyers and consultants? You don’t even have a clue……
I’ve previously reported on the travesty that is the GMAC Bankruptcy and how consumers and taxpayers continue to be hosed…but that’s just one of many examples….
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.
Obscured in the feuding is an issue potentially even more troubling than the questions about the consultants’ independence: the cost of running the reviews has spiraled out of all proportion to their potential benefits.
Designed to compensate wronged homeowners, the review programs are almost certain to deliver several times more cash to the consultants overseeing them. Bankruptcy filings by ResCap, the former GMAC mortgage servicer slated to be acquired by Ocwen, state that the company will pay consultant PricewaterhouseCoopers $12,500 to review each of 20,000 loans for a total cost of a quarter-billion dollars. Yet ResCap expects to pay only $35 million to $60 million to harmed homeowners.
AMERICAN BANKER
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If you are registered to run for office, you should absolutely vote!
I am voting Democrat this time…………
The great Thomas Jefferson warned us- NEVER to let the banksters get control of the money. Well, the dumbed down Americans continue to ignore the fact that we are indeed controlled by the banksters- last 100+ years. Until we re-vamp our financial system, nothing will change. 20 states are now looking into creating their own bank like North Dakota- the only solvent state in the union. The banksters want to keep us in bankruptcy so they can control. Declare the US corporation bankrupt for the 5th time and dissolve it. Start over. End the Federal black hole that is stealing the wealth of America. Break up the union and have independant states. We will save trillions per year and will finally prosper without the black hole called Washington DC. We do NOT need a Federal Government period, much less one that is telling the states what to do, and to pay them our hard earned money so they can run around the world and kill people they don’t like in our name. Break up the money monopoly called the Federal Reserve.