The sad thing here is that HUD Secretary Shaun Donovan actually highlighted the foreclosure reviews as a way for victims to get further compensation. If by “victims,” Donovan meant companies like PricewaterhouseCoopers and Promontory Financial Group, he was right.
|By: David Dayen Saturday November 3, 2012 11:06 am|
|By: David Dayen Friday July 6, 2012 11:27 am|
In general, borrowers get something in the mail that looks like a scam letter. It doesn’t specify what they could receive from this government review of their foreclosure. Even the most savvy borrower – if they can be found, since they probably don’t live in the same house that they did before the foreclosure – would be hard-pressed to read it and respond. That’s especially true because this community has been inundated with scams and grifts, and they are at least attuned to that possibility.
|By: David Dayen Monday June 4, 2012 10:50 am|
In an interesting case of one federal regulatory agency accusing another, the inspector general of the Treasury Department released a report that faulted the Office of the Comptroller of the Currency for failing to recognize or crack down on widespread foreclosure fraud practices. As foreclosures skyrocketed across the country in the wake of the financial [...]
|By: David Dayen Saturday February 25, 2012 11:00 am|
I mentioned earlier today that Shaun Donovan tried to sell the weak $2,000 pittance provided to foreclosure victims in the recent servicing settlement by saying that the OCC (Office of the Comptroller of the Currency) reviews still offer the opportunity for individuals who were wrongly foreclosed upon to reap restitution. I scoffed at this because those OCC reviews are widely seen as ineffectual and designed to whitewash the problem, with the banks self-reporting their own reviews through “independent consultants” they hire and pay.
As it turns out, Martin Andelman, with excellent timing, got an insider at Wells Fargo to expose just what a sham these foreclosure reviews are.