National Mortgage Settlement Still Failing 700k+ Homeowners

Ben Hallman, Huffington Post One year after federal bank regulators pledged that a nearly $10 billion legal settlement would quickly deliver cash to foreclosure abuse victims, hundreds of thousands of people are still checking their mailboxes each day, only to find them empty. As of January, about 732,000 settlement checks had not been cashed, according to data […]

After Only Three Weeks On the Job, Warren Demands For More Transparency

Elizabeth Warren Demands For More Transparency On Failed Foreclosure Reviews Ben Hallman, Huffington Post Three influential lawmakers on Thursday called for bank regulators to disclose more details of the $8.5 billion foreclosure abuse settlement reached earlier this month and to reveal what happened during the case-by-case review program it abruptly replaced. In a letter to […]

Banks’ $8.5 Billion Deal Kills Reviews That Never Saw Results

Jesse Hamilton, Bloomberg A foreclosure-review system that failed to compensate mistreated borrowers has been mostly scrapped in an $8.5 billion agreement with the largest U.S. mortgage servicers. U.S. regulators’ deal yesterday with 10 mortgage servicers replaces an almost two-year, case-by-case review of flawed foreclosures. The Independent Foreclosure Review process — agreed to by 14 servicers in […]

Foreclosure Review Scrapped On Eve Of Critical Watchdog Report

Ben Hallman, Huffington Post The surprising decision by regulators to scrap a massive and expensive foreclosure review program in favor of a $10 billion settlement with 14 banks — reported by The New York Times Sunday night — came after a year of mounting concerns about the independence and effectiveness of the controversial program. The program, known […]

BofA Supplied Default Answers for ‘Independent’ Foreclosure Claims Reviewers

Paul Kiel, ProPublica The Independent Foreclosure Review is the government’s main effort to compensate homeowners for harm they suffered at the hands of banks — and, as its name indicates, it’s supposed to be independent. But until recently, that was hardly the case with Bank of America. Supposedly independent, third-party reviewers would sit at a […]

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