Foreclosure Defense FloridaGeneral Information

FORECLOSURE REVIEW: CONGRESS REPORTS ON THE FRAUD AND THE CONSPIRACY OF THE REGULATORS AND THE UNREGULATED

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This is a long and nauseating report.   What do we learn from the report?

GOVERNMENT IS TOTALLY, HOPELESSLY CORRUPT

THE BANKS OWN OUR GOVERNMENT AND THE PEOPLE WILL BE PUNISHED.

Why will Americans be punished?   They’re being punished every day in foreclosure, with no help for foreclosure victims and no one to explain the steps in foreclosure.   Americans are abused because we have become weak, lazy and complacent.   No one can hardly manage even a good protest anymore, much less any good civil disobedience and you can forget about any real bloody resistance.   And so what should we expect….do we really think the bad guys will play nice?

Delusional you are. At some point in time, Americans will wake up and realize that we have all been robbed.   That our children’s entire future has been mortgaged off and sold on terms that will never allow them to have any future.   We did this to them.   We all sat on the sidelines and read these dense reports and skimmed a few headlines.

But no one did anything about it.   So the bankers and their government enablers spat in our faces and continued to laugh at us.

From the report:

Consistency impeded the ability of the Office of the Comptroller of the Currency (OCC) and the Board of Governors of the Federal Reserve System (Federal Reserve) to achieve the goals of the foreclosure review””to identify as many harmed borrowers as possible and ensure similar results for similarly situated borrowers. Regulators said that coordinating among foreclosure review participants was challenging, and consultants said that the reviews were complex. In spite of regulators’ steps to foster consistency, broad guidance and limited monitoring reduced the potential usefulness of data from consultants and increased risks of inconsistency. For example, GAO found that guidance was revised throughout the process, resulting in delays. Other guidance did not specify key sampling parameters for the file reviews and regulators lacked objective monitoring measures, resulting in difficulty assessing the extent of borrower harm. Good planning and collecting objective data during monitoring provide a basis for making sound conclusions. Without using objective measures to assess sampling or comparing review methods across consultants, regulators’ ability to monitor progress toward achievement of foreclosure review goals was hindered.
Although regulators released more information than is typically associated with consent orders, limited communication with borrowers and the public adversely impacted transparency and public confidence. To promote transparency, regulators released redacted engagement letters and guidance on remediation. In addition, OCC released two interim progress reports. However, some stakeholders perceived gaps in key information and wanted more detailed information about how the reviews were carried out. Regulators stated they considered publicly releasing additional information, but expressed concerns that releasing detailed information risked disclosure of confidential or proprietary information. Further, borrowers who requested reviews experienced gaps in communication. For example, borrowers who submitted requests when the submission period opened waited nearly a year before receiving an update.
The foreclosure review activities to date highlight key lessons related to planning, monitoring, and communication. GAO’s prior work shows that assessing and using lessons learned from previous experience can benefit the planning of future activities. The foreclosure review produced lessons in advanced planning and establishing mechanisms to monitor progress toward goals. Without assessing and applying relevant lessons learned, regulators might not address challenges in the continuing reviews or similar challenges in activities under the amended consent orders. In particular, regulators announced the agreements that led to the amended consent orders without a clear communication strategy. Although the regulators plan to release reports on the results of the amended consent orders and the continuing foreclosure reviews, neither regulator had made decisions about what information to provide to borrowers.

Full Report Here:

130404 GAO rpt on foreclose review

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