Tag Archive

Independent Foreclosure Review was Unwieldy, Poorly Monitored: GAO

Published on April 8, 2013 By admin

The following article is brought to you by ECreditDaily.Com. A $2 billion effort by regulators to have banks and hired consultants review botched U.S. foreclosures was poorly executed with limited monitoring, ending without compensation for victims despite more than a year of tedious searches through thousands of files. “Regulators may have been able to better […]

Letter – Sen. Warren and Rep. Cummings will meet with OCC and Fed about botched “independent” foreclosure review.

Published on March 26, 2013 By admin

Warren to OCC, Fed: “For our 14 specific requests, your letter provided 2 partial responses & only 1 full response.” FYI: Bank consultants received $20,000 per “independent” foreclosure review, nearly 5 times as much as the average each borrow will receive. You can read and download the Scribd letter from Senator Elizabeth Warren & Representative […]

Bernanke: Fed Takes Responsibility for Failure of Foreclosure Reviews

Published on March 26, 2013 By admin

The following article is brought to you by ECreditDaily.Com. Federal Reserve Chairman Ben Bernanke took responsibility for the costly delays in getting compensation to 4 million homeowners who were victims of wrongful actions by lenders under the so-called Independent Foreclosure Review. In a hearing before the House Committee on Financial Services Wednesday, Bernanke only spoke […]

Transcripts show Fed slow to see fallout from housing bust

Published on January 22, 2012 By admin

The following is brought to you by Martin Crutsinger at USAToday.Com WASHINGTON – Ben Bernanke presided over his first meeting as Federal Reserve chairman in March 2006 believing the nation’s economy could pull off a “soft landing” from falling home prices. Three months later, Bernanke had begun to grasp that he and others had underestimated […]

Secret Fed Loans Helped Banks Net $13B

Published on November 28, 2011 By admin

The following article is brought to you by Bob Ivry, Bradley Keoun and Phil Kuntz at Bloomberg.Com. The Federal Reserve and the big banks fought for more than two years to keep details of the largest bailout in U.S. history a secret. Now, the rest of the world can see what it was missing. The […]