A Must Read | Foreclosure Review Insiders Portray Massive Failure, Doomed From The Start

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Foreclosure Review Insiders Portray Massive Failure, Doomed From The Start

Last January, dozens of independent contractors showed up for their first day of work at a large, single-story Bank of America building in Tampa to right the wrongs of a foreclosure crisis that many had witnessed firsthand. Or so they thought.

They were lawyers, paralegals and other mortgage industry veterans. Along with thousands of other contractors working at banks and auditing firms like Deloitte and PriceWaterhouseCoopers, the Tampa crew was to comb through the mortgages of people whose homes were in foreclosure at the height of that crisis, in 2009 and 2010. They were looking for lost paperwork, overcharges, botched loan modifications — evidence of the kinds of errors and misconduct widely alleged by foreclosed borrowers.

It was called the Independent Foreclosure Review, and it was one of the most ambitious and costly auditing projects in U.S. history.

It was also, some of the contractors soon came to believe, a fiasco in the making. At Bank of America, contract employees were to answer more than 2,000 questions written by Promontory Financial, the consulting firm the bank hired to audit its mortgage loan files. Those questions, the contractors said, were confusing and open to interpretation. Training was spotty and mistakes were frequent, they said. Sometimes, when they noted bank-caused mistakes, they were told by Bank of America managers not to believe their own eyes.

That last serious irregularity, which has not been previously reported, was described by three of the five contract employees who spoke to The Huffington Post. All asked that their names not be used for fear of not getting future work in the industry.

“We knew what we were looking at,” said one employee. “But we were told under threat of losing our jobs to not report what we saw.”

Be sure to read the rest here…

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4closureFraud.org

Comments
3 Responses to “A Must Read | Foreclosure Review Insiders Portray Massive Failure, Doomed From The Start”
  1. So glad I chose not to become involved with this farce.They sent my review and the paperwork was incorrect so I called and talked to Ross Independant Foreclosure Review and told the young man that the paperwork was for the incorrect and they needed to change it before I would agree to participate.Reviewer said he couldn’t do the correction as the computer would not allow him to.Could he have a supervisor contact me within 24 hours of course I said yes.1 year and 1 month later and I’m still waiting for that call.ROFLMAO saved by ineptness once again.SSDD.

  2. Sarah says:

    Look, people in power are much more concerned with appearances. How many scandals, non-actions from the Justice Department followed by a complete bailout in last year’s settlement. do we need before we realized TBTF will be protected over a multitude of victims?
    Every day we see stuff like this and it is sickening:

    “We knew what we were looking at,” said one employee. “But we were told under threat of losing our jobs to not report what we saw.”

  3. 1ofthemany says:

    Stalling and BS nothing more nothing less just same ol B$

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