Foreclosure Defense FloridaGeneral Information

“Independent” Foreclosure Review Scrapped on The Eve Of Major Report (Are You Surprised?)

foreclosure-reviewsHomeowners and taxpayers take it in the shorts (once again).   Remember though, the “independent” reviewers were answering to THE BANKS.

And no one has yet to account for the fact that any penalties that might theoretically be paid will be paid compliments of trillions of dollars handed out by the federal government….

From 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.



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