HEARING: Independent Foreclosure Review – Outsourcing Accountability? Examining the Role of Independent Consultants


Outsourcing Accountability? Examining the Role of Independent Consultants

Financial Institutions and Consumer Protection

Thursday, April 11, 2013
10:00 AM – 12:00 PM
538 Dirksen Senate Office Building


will meet in OPEN SESSION to conduct a hearing entitled “Outsourcing Accountability? Examining the Role of Independent Consultants”. The witnesses on Panel I will be: Mr. Daniel P. Stipano, Deputy Chief Counsel, Office of the Comptroller of the Currency; and Mr. Richard M. Ashton, Deputy General Counsel, Board of Governors of the Federal Reserve System. The witnesses on Panel II will be: Mr. Konrad Alt, Managing Director, Promontory Financial Group, LLC; and Mr. James F. Flanagan, Leader, U.S. Financial Services Practice, Pricewaterhouse Coopers LLP. Additional witnesses may be added at a later date.

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Panel 1

  • Mr. Daniel P. Stipano
    Deputy Chief Counsel
    Office of the Comptroller of the Currency
  • Mr. Richard Ashton
    Deputy General Counsel
    Board of Governors of the Federal Reserve

Panel 2

  • Mr. Konrad Alt
    Managing Director
    Promontory Financial Group, LLC
  • Mr. James F. Flanagan
    U.S. Financial Services Practice, Pricewaterhouse Coopers LLP.
  • Mr. Owen Ryan
    Partner, Audit & Enterprise Risk Services
    Deloitte & Touche LLP



9 Responses to “HEARING: Independent Foreclosure Review – Outsourcing Accountability? Examining the Role of Independent Consultants”
  1. Larry Kent Ward says:

    I survive three war zones….I was and am willing die for our way of life in America. When I became to sick to work to pay my mortgage the banks took my home….Now I am being paid pennies by the banks and the regulators (lawyers) is $$$$ millions for helping the banks….God Help Us homeowners! Petty Officer Ward, Special OPS US Navy 1983-1985…

    • katheryn says:


      May God Bless you for your sacrifices in order to help protect this country and all Americans! I am deeply sorry that you can back only to lose your home. This country has lost its way and I personally apologize to you on behalf of our own government that does not seem to care. I pray that in the short future there will be help and programs available to you and others like you. It is truly a sad day when average citizens are allowed to be swindled by these greedy banks and cheat street but to have no heart for our military men and women really proves that those few that have it all still want more even at the expense of our own military. Shameful.

  2. D Truth says:

    I filed a complaint directly to the OCC 11-28-2011 and was given Case #01887017. I also filed for review of my foreclosure in the Independant Foreclosure Review 12-28-2011 and was given Ref.# 1811662791. The case filed with the OCC should have concluded in about 90 days.The OCC deliberately held up giving me a decision for over a year and two months pretending to need information from BoA they already had. Finally on January 30, 2013 I recieved a letter from the OCC stating that my case with the OCC was being dismissed because it was in the scope of the IFR. I filed an appeal. Prior to the dismissal I had been told by the OCC Houston Office Manager Ms. Melinda Goodnight that Mr. Larry Hattix had instructed them not to review my case and to dismiss my case and all cases like mine were to be handled that way. In other words the OCC has thousands of claims filed directly to them like mine they refused to review and dismissed to keep the harm the servicers did to us hidden. My case filed with the OCC was dismissed January 30, 2013 because it feel in the scope of the IFR. By the way I am one of the 53 foreclosed on who was not in default and one of the 2800 original cases reviewed by the OCC in 2010. They did nothing then or now, The things done in regards to the IFR were conspired and more than poor management at work. I have much more proof of this. I am also one of 250 borrowers complaints reviewed by 39 state attorney generals in 2009 which was posted on the internet April 29,2009. Check it out AG’s Take Action on CWN Reports of Foreclosure Abuse. Nothing was done to stop what happened to us by any of them. Our home was sold October 5,2011 to my home church, who tore it down to build a life center.The banks controlled it all. We had one of the first post in August 15,2008,Check it out Countrywide Cashing in on Surprising Group of Homeowners | The Consumer Warnin The OCC, Louisiana Attorney General and Louisiana Office of Financial Institutions all had these internet post and over 50 pages of evidence concerning our complaints and did nothing.

  3. keepon says:

    Sounds like they’re going to let the banks off THIS TIME by hanging this ALL on “vendors” consultants: it was the outside firms? and NOT the banks who were feeding them the data/information and telling them HOW to find for the banks? Nah. Really. Is that what this is going to be?!

  4. katheryn says:

    Yes, all the talk and raising of tail feathers here and there won’t change a thing. What most must realize is that there is no government in DC. While everyone slept….there was a quiet move of total control out of control of our government…by the people for the people….to the fine men and women of the banks and wall street. There is “no” governing coming out of DC; that is a fairy tale. We pay our taxes….tons of taxes that somehow results in all of these made up shortfalls. There aren’t really shortfalls if the tax money really made it to where it belongs and for the purpose we believe it is for when in reality…it goes into the pockets of all of those knee deep in this huge ponzi scheme for which the 90 something percent will lose. First it was too big too fail followed by too big to jail to complete and total ownership of the country and all of the peons that will keep the money fountain flowing in the right direction. How truly sad because our current president as well as the previous last few couldn’t do anything to stop what has taken place no matter how much they might want to. The true blame should go to each and everyone of us for “buying” into their plot and putting a stop to it a long time ago.

  5. keepon says:

    NJ Senator Menendez interviews OCC reviewers BEFORE OCC reviews began: http://www.youtube.com/watch?v=D_CkhfQilBQ

    Some of the players fyi.

  6. Poof says:

    That’s an easy one to figure out.Keep as much of the money as possible !

  7. lindakay75090 says:

    What difference does it make now? The reviews have been shut down and the homeowners will be paid a measley sum for being thrown into the streets and having their property stolen from them. No one – other than Lee Farkas (Taylor, Bean, & Whittaker) – has paid a price for this. Why is he the only one held responsible for the fraud his company committed while ‘well-known’ big shots like Diamond & Monnihan get nothing but big fat praise and a big fat raise? Too little, too late….

  8. Sarah says:

    Are there 100 or more people in the DC area that we can show up to this farce for? In these Kangaroo ceremonies, stormtroopers are called upon to quickly arrest anyone. To the streets, Occupy.

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