The so-called federal regulators are still aiding and abetting the big fraud-factory banks to hide their shady foreclosure procedures, both past and ongoing. And the lying, cheating and stealing goes on and on.
From the North Dallas Gazette article What we don’t know about foreclosure practices may still hurt us:
“A recent study of the Independent Foreclosure Review (IFR) process by the Government Accountability Office (GAO) cited significant flaws, including a lack of transparency, in the design and implementation of the process. The IFR process was created in 2011 because several mortgage servicing companies and their affiliates were found to have regularly engaged in questionable, unsafe, and even illegal practices.”
Yes, in my case Wells Fargo, servicer of my misbegotten mortgage loan, absolutely engaged in questionable, unethical, immoral, unprofessional and what I certainly consider to be illegal practices. And I’m hardly alone. The big banks’ loan mod and foreclosure practices – such as lying to homeowners and playing all kinds of games to manipulate them into the giant sinkhole known as the “foreclosure track” – appear blatantly illegal to any average, common-sense person.
Unfortunately, hardly anyone who could do anything about it considers what the banksters do is illegal. That includes the legion of legislators who get big campaign donations from the financial industry, as well as a whole lot of judges and about all the states’ attorneys general. And, of course, the completely impotent Office of the Comptroller of the Currency, which is tasked with supervising banks to “ensure that they operate in a safe and sound manner and in compliance with laws requiring fair treatment of their customers and fair access to credit and financial products.”
Despite the GAO’s conclusions, however, the Fed and the OCC have decided to double down on the secrecy surrounding the process: refusing requests by Senator Elizabeth Warren (D-MA) and Representative Elijah Cummings (D-MD) for information about the IFR process, and about specific violations of law—including wrongful foreclosures, excessive fees, and fraudulent affidavits filed in court.
So, what next? I don’t think Sen. Warren will back down. In fact, maybe she should call on President Obama to replace the current Comptroller with someone who isn’t so obviously in bed with the banksters. He has the power to do that, according to the OCC’s own website:
“The OCC was established in 1863 as an independent bureau of the U.S. Department of the Treasury. The President, with the advice and consent of the U.S. Senate, appoints the Comptroller to head the agency for a five-year term.”
Maybe the Senate should look out for the American people and retract their consent for the appointment of the incumbent. Maybe the President should take some action that actually helps beleaguered homeowners instead of making speeches that offer hope and help and justice that never actually materializes.
Throw the bum out! That might also put the FDIC back on the side of the consumer, as well, because the Comptroller also heads that agency. (No wonder it’s giving the banks a bye, as well.)