G.A.O. Report Sees Deeper Bank Flaws in Foreclosures

GAO Report

G.A.O. Report Sees Deeper Bank Flaws in Foreclosures

A new government report suggests that errors made by banks and their agents during foreclosures might have been significantly higher than was previously believed when regulators halted a national review of the banks’ mortgage servicing operations.

When banking regulators decided to end the independent foreclosure review last year, most banks had not completed the examinations of their mortgage modification and foreclosure practices.

At the time, the regulators — the Office of the Comptroller of the Currency and the Federal Reserve — found that lengthy reviews by bank-hired consultants were delaying compensation getting to borrowers who had suffered through improper modifications and other problems.

But the decision to cut short the review left regulators with limited information about actual harm to borrowers when they negotiated a $10 billion settlement as part of agreements with 15 banks, according to a draft of a report by the Government Accountability Office reviewed by The New York Times.

The report shows, for example, that an unidentified bank had an error rate of about 24 percent. This bank had completed far more reviews of borrowers’ files than a group of 11 banks involved the deal, suggesting that if other banks had looked over more of their records, additional errors might have been discovered.

More here…

Copy of the report is out later today…

Copy of the report below…




GAO Foreclosure Review: Regulators Could Strengthen Oversight and Improve Transparency of the Process

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4 Responses to “G.A.O. Report Sees Deeper Bank Flaws in Foreclosures”
  1. Ray Shelton says:

    Ray Shelton May 19, 2014 at 7:49 pm
    If you are being foreclosed on By US Bank and or SN Servicing ( Please No Other banks or services please) Please check the signatures on your deed in your county clerks office, if you are sure that forgery or falsification of your documents has taken place then call me ASAP we are going after anyone who has wrong us by forgery and or uttering forgery under the RICO ACT. This is happening now 2014 Please join us. call 352 274 8467 Ray Shelton
    #1. Did A Serious Crime of forgery and Uttering forgery take place by US Bank and their attorneys against you ?
    #2. The OCCs Cease and desist order signed by US Bank and its Board of directors specifically says that US Bank and its third parties ( Servicer’s and attorneys) will stop this kind of criminal activity immediately and make restitution, but they have only escalated their activities of illegally taking homes in Florida via Forgery and falsifying documents etc.:

    MEDIA STORY LINE. A Well known highly respected Florida Notary and his wife who witness the signing of a deed and mortgage have come forward and signed a statement sworn under oath that the signatures on a deed and mortgage were originally signed in Royal Blue. They even went to the Marion County Clerk of the Court and had another notary witness the fact that they viewed the recorded deed and mortgage that was submitted by US Bank and then witnessed that the documents were not sign in Royal Blue. But in fact were signed in Black. It is clear by any reasonable person or most important by Law Enforcement and our Judges, that after US Bank claimed a lost note status for a couple of years, they had no choice but to forge the deed and note in order to have standing in court.
    The Shelton family is being illegally foreclosed on by US Bank who has already paid out multi million dollar fines, but no one has gone to jail. Who is actually committing these crimes? Was it DocX or LPS or is it their attorneys? This needs to be discovered and prosecuted by the Feds because it is a very serious issue that is costing the American public billions of dollars in loses. It apparently doesn’t matter to US bank that the homeowner is right or wrong because no normal family can stand up to the money that is used to win by attrition against a homeowner. Who will protect the public and stop the destruction of hundred of thousands of families lives all across this nation?
    This is also very wrong because Us Bank and their attorneys may be undermining the integrity of our entire Justice system and the American way of life as it is known today. Will it end up that it is ok to forge our most treasured document without any prosecution by our government? This is becoming a crime wave that is unparalleled in history and America must stop it. Have Multiple interstate crimes been committed multiple times By US Bank and their attorneys ? Should these issues be considered within the Rico Crimes Laws. US Bank has not stopped their behavior, are the fines way to low and they just don’t care because the numbers prove that they can still make huge profits by continuing on the same path? Where is Law Enforcement? Where is Eric Holder? Where is OBAMA???
    The Shelton Family didn’t discover the facts about the forgeries until they had already lost in every court even the appeals court. Now that they found out and have proof of forgery shouldn’t all the other ruling be null and void? The Shelton’s are filing a Civil Criminal Lawsuit against the attorneys Andrew Braaksma and Paul McKenna and another Civil Rico law suite against US Bank and SN servicing.
    The Shelton’s have filed a bar complaint with the Florida bar against Andrew Braaksma out of Miami and his partner Paul Mckenna for Uttering Forgery and other reasons to be announced. They have also filed a complaint with the FBI and with the Florida Attorney General. They will soon ask the Office of State wide prosecution to take the case. There will also be some press conferences set up to expose the Miami Attorneys and US Bank. Shouldn’t this case be moved up to the Federal courts and demand relief and for the prosecution of the Miami Attorneys and US Bank? To join us please call 352 274 8467 Ray Shelton

  2. jchiiicm81John Hacker III says:

    WOW, REALLY?? JESUS ,JOSEPH AND MARY,,, THERES A F —-EN REVALTION… WHAT A JOKE, SMOKE AND MIRRORS, JUST LIKE OCWEN LOAN SERVICING CO. 2.1 BILLION DOLLARS, TO 49 STATES, OH WAIT A MINUTE, THEY DIDNT HAVE TO ADMIT THEY DID ANYTHING WRONG!!! hmmmmm i sure havent heard are joke of a Attorney General KAMALA pad your wallet HARRIS ,, reaching out to people like me,that had 210,000 dollars equity in my home, was in a signed forbearance agreement,and Ocwen auctioned my home anyway.. What a slap in the face.. I heard ol RUST CONSULTING was just getting around to mailing 200.00 dollar checks out. If someone tried to hand me a check for the illegal/fraudulent forclosure of my home once home in costa mesa,calif. …………Id fucken spit on em. thats a fact jack !!!!!!!!!!!! Government WHAT A JOKE !!!!!

  3. you aren’t telling anyone that tried to save their home anything new, the only ones permanently hurt were the homeowners, the worse being seniors and those disabled or left permanently under employed!! the cookie cutter programs that the banks refused to use unless a gun was put too their heads left a lot of persons permanently damaged unable to ever get back where they once were

  4. Alabama John says:

    If one or more of your employees file a false report to a Federally insured bank you, their boss, go to prison. Why are these heads of departments not serving time?

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