Corrupt

“We are making this eBook available for free to make sure it is distributed as widely as possible. Please share it with friends, particularly anyone you know who sent in an IFR letter.”

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Naked Capitalism: Launching Our First (Free) Ebook on the OCC/Fed Foreclosure Review Fiasco

As a result of many reader requests, we’ve turned our series based on testimony from whistleblowers at Bank of America and PNC on the whitewash more formally known as the Independent Foreclosure Reviews into an eBook, which we are releasing today. This was the very same OCC mandated process, billed as a way to provide wronged mortgage borrowers with the opportunity to get a measure of justice, that instead turned into a costly and embarrassing fiasco. But it still worked out well for the banks. The amount they paid, even with a mind-boggling $2 billion of fees to consultants and another $3.6 billion in cash payments to borrowers, is far less than they would have shelled out if the process had been designed to conduct the investigations fairly and give meaningful awards.

We hope you will download this eBook, read it, and circulate it widely. It’s timely because the botched foreclosure reviews are coming back into focus. The GAO released its report on them yesterday, and even though it was narrow in focus, it confirmed, as Dave Dayen reported, that the IFR was poorly designed, inconsistently implemented, and subjected to changing guidelines. Elizabeth Warren and Elijah Cummings will be meeting with the OCC and the Fed on Tuesday April 9 to grill them on their sorry performance in the IFR. On Thursday the 11th, Sherrod Brown will be holding hearings in the financial institutions and consumer protection subcommittee. Maxine Waters has also said she will be introducing legislation next week to curb regulators’ use of third party consultants.

We are distributing copies to Elizabeth Warren and Elijah Cummings and to Sherrod Brown and the members of his subcommittee.

Copy of the eBook below…

Please download, read, and share!

PS The download is MUCH MUCH better looking than ScribD make it appear. It also makes the native font size look smaller than it really is. This rendering does not do it justice. So download away to get a proper viewing experience and enjoy!

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4closureFraud.org

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Naked Capitalism Whistleblower Report on Bank of America Foreclosure Reviews