Foreclosure Review Pays Consultant $4 for Each $1 to Homeowners

Foreclosure Review Pays Consultant $4 for Each $1 to Homeowners

This is the second part of a story on the Office of the Comptroller of the Currency’s independent foreclosure review program. A close look suggests that the program is taking far longer than originally expected and resulting in much larger payments to consultants than to wronged borrowers.

Consumer groups have been quick to criticize the Office of the Comptroller of the Currency’s independent foreclosure look-back reviews for giving the banks under scrutiny too much say in the process of reviewing their own loans.

A more fundamental issue­—the actual mechanics of the reviews and their results—has received less attention.

The OCC granted each consultant responsibility for designing its review methods. Promontory Financial Group, which is conducting Bank of America’s review, includes seven sets of yes-or-no questions, labeled A through G. For each homeowner’s review file, Promontory and B of A employees must address a total of 14,768 items, according to a May 2012 presentation Promontory provided to consumer groups.

Rest here…

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4closureFraud.org

Comments
2 Responses to “Foreclosure Review Pays Consultant $4 for Each $1 to Homeowners”
  1. Ken Hansen says:

    The obvious solution is to let the victimized homeowners conduct their own thorough investigations. Their perspective is especially sharp, and, since they are victims of an illegitimate ruling class of predatory thieves, costs could be reduced as motivation would be provided solely by a restrained desire for equitable vengeance.

    • This isn’t new! We had already put that together a few deserving homeowners just might be compendsated for visual purposes only. Let the states spend it on schools and hiring more police to protect our cities. At least that way it goes to someone deserving! The hourly rates quoted to those of us unemployed underemployef having lost everything is disgusting!

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