A compensation-check problem highlights the need for independent monitoring.
11:25 p.m. | Updated When the bank account is running dry and the mortgage payment is coming due, the phrase “insufficient funds” is the last thing you want to hear. Now imagine hearing those two words when trying to cash a long-awaited check from the same bank that foreclosed on you.
Homeowners found this week that checks issued as part of a settlement over foreclosure abuses failed to clear.
With a foreclosure hanging over their lives, a family learns to strive for happiness by giving one another small pleasures.
The use of consultants, who are paid by the same banks they are expected to help reform, is being examined at a Senate Banking Committee hearing.
Federal regulators are facing pressure from Capitol Hill to rein in a multibillion-dollar consulting industry after the companies stumbled during their recent review of mortgage foreclosure abuses. But the efforts could be stymied, given regulators’ close ties to consultants and limited legal authority to penalize them. The early signs are discouraging, lawmakers say. After concerns surfaced that a consulting firm was bungling the broad review of foreclosures, regulators wrot…
The nation’s top banking regulators have some good news for some troubled homeowners: the checks will be in the mail soon. Months after brokering a multibillion-dollar settlement with banks over mortgage foreclosure abuses, the Federal Reserve and the Office of the Comptroller of the Currency are set to dole out roughly $1.2 billion in the first batch of payments. By April 12, the regulators expect to mail 1.4 million checks. An additional round of checks will be sent out b…
Months after brokering a settlement with banks over mortgage foreclosure abuses, the Federal Reserve and the Office of the Comptroller of the Currency are set to dole out roughly $1.2 billion in cash relief.
Private consultants and federal regulators are facing a fresh round of scrutiny in Washington after botching a broad review of foreclosures and failing to thwart financial misdeeds. A new report by the Government Accountability Office will take aim at the Federal Reserve and the Office of the Comptroller of the Currency for creating a bureaucratic maze that delayed relief to homeowners in foreclosure, according to a draft of the 74-page document provided to The New York Times….
Private consultants and federal regulators are facing a fresh round of scrutiny by the Government Accountability Office after botching a review of foreclosures.