Politics and Money

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Nothing new under the sun. Foreclosure Review Report Shows That the OCC Continues to Bury Wall Street’s Bodies. All Hail Obombas hope and change.

In the wake of the foreclosure crisis and the myriad abuses perpetuated by mortgage servicers, the Office of the Comptroller for the Currency (OCC) and the Federal Reserve created the Independent Foreclosure Review. Fourteen servicers owned by banks like Bank of America, Wells Fargo and JPMorgan Chase were ordered to investigate foreclosures between 2009 and 2010 and figure out if these foreclosures were fraudulent. In order to give the semblance of independence, the banks were told to hire third-party consultants to conduct the reviews.

By announcing this supposedly far-ranging “investigation” with much fanfare, the regulators wanted to create the impression that they were getting to the bottom of the practices perpetrated during the foreclosure crisis. However, when reading the fine print, the “Independent” Foreclosure Review merely replicated the worst patterns and practices that caused the financial crisis—with regulators again deferring to banks and allowing them to hire their own investigators.

http://www.thenation.com/article/173749/foreclosure-review-report-shows-occ-continues-bury-wall-streets-bodies#