A Summary of Writing on the “Independent” Foreclosure Reviews and the AG Mortgage SettlementBy Francine • Feb 1st, 2013 • Category: Pure Content, The Big 4 And Consulting
I will continue to add to this page as I write more. And I will be writing more.
Banks Hire Friendlies for ‘Independent’ Foreclosure Reviews American Banker 10/6/2011
Can you count on the emperor’s handpicked ministers to tell him when he’s naked? Banking regulators seem to think so.
Closing In On The Fix For Mortgage Servicer Abuses re: The Auditors 10/7/2011
Mortgage Bankers And The Futures Industry – Two Big Conferences In Chicago This Week re: The Auditors 10/9/2011
Servicing The Mortgage Industry: An Update re: The Auditors 11/25/2011
OCC Foreclosure Review Disclosures Still Disappoint American Banker 12/6/2011
Doing something — anything — quickly but poorly is no substitute for taking the time to do what needs to be done well.
Update: Mortgage Servicer Foreclosure Review Process re: The Auditors 12/27/2011
To Right Foreclosure Wrongs, Go With the Bird in the Hand American Banker 1/12/2012
I can understand if you’ve forgotten, for a moment, about last April’s federal consent orders mandating independent foreclosure reviews at the big mortgage servicers.
AG Settlement Gives OCC Foreclosure Reviews New Urgency American Banker 2/21/12
In a perfect world, state attorneys general and the U.S. Department of Justice would have worked hand in hand with bank regulators to fix foreclosure wrongs. But that’s not how the world works.
The Little We Know About Foreclosure Reviews Is Troubling American Banker 3/5/2012
The good news: regulators are pulling back the curtain on the consultants that the big mortgage servicers hired, under orders from the agencies, to review their foreclosure processes.
I’m In Congress: Foreclosure Review Work Cited By Congressman re: The Auditors 4/13/2012
How $25B Settlement Monitor Can Keep Banks at Arm’s Length American Banker 4/16/2012
Joe Smith, the court appointed monitor for the $25 billion mortgage servicing settlement, can learn something from the recent experience of the federal banking regulators.
Megabanks Extend and Pretend They Won’t Pay for Foreclosure Fouls American Banker 9/24/2012
It’s in consultants’ best interests to extend the foreclosure review engagements as long as possible without coming up with an estimate for each servicer of its total liability to borrowers.
What Mortgage Settlement Lacks in Substance, It Makes Up in Execution American Banker 10/1/2012
A practical, well-executed plan, even one with disappointingly modest goals, will deliver more than an overly ambitious plan, easily subverted, that, in hindsight probably had no hope of ever succeeding.
Sheila Bair Called It – Foreclosure Lookback Reviews Are A “Ruse”, Forbes, 10/24/2012
Bair knows, and I know, the “independent” foreclosure reviews are anything but.
Former FDIC Chairman Sheila Bair On Foreclosure Lookback Reviews, re: The Auditors, 10/27/2012
Settling The Foreclosure Reviews: Winners And Losers, Forbes, 1/8/2013
Monday’s announcement of an “agreement in principle” to end the foreclosure reviews at ten of the fourteen mortgage servicing companies provided a neat recovery for the banks, and their ‘independent” consultants, who’ve been mired in an expensive, seemingly unending project from hell. The “independent” consultants assisted the banks in “extending and pretending” long enough to figure a way out. Now no one will ever have to admit how much the banks really owed borrowers and institutional investors for financial damage from foreclosure abuses.
Foreclosure Settlement Shuts Down Reviews; Banks Will Continue Business As Usual, re: The Auditors 1/13/2013
That column was about 1500 words in total, many more than Forbes prefers I use online but many less than needed to tell all I know about this settlement.
No other report looked into how the borrowers who were either in foreclosure or were foreclosed on by these banks in 2009 and 2010 – that was the limited scope of this regulatory action – were going to be paid now.