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Bank Deal Ends Flawed Reviews of Foreclosures -

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opednews.com

""It's absurd that this money will be distributed with such little regard to who was actually harmed," said Bruce Marks, the chief executive of the nonprofit Neighborhood Assistance Corporation of America."
"Because they have no idea how many borrowers were harmed, the regulators are spreading the cash payments over all 3.8 million borrowers -- whether there was evidence of harm or not." Thus, many victims of foreclosure abuses like bungled loan modifications, deficient paperwork, excessive fees and wrongful evictions will most likely get less money.... A critical flaw from the start was that the federal government farmed out the work of scouring the millions of foreclosures to several consulting firms that charged as much as $250 an hour and outsourced work to contract employees, many of whom had no experience reviewing mortgages, Oversight by the regulators was nearly nonexistent"

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At www.nytimes.com

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