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March 7, 2013

OCC Bungled Foreclosure Settlement from Start to Finish

Thomas Curry keeps insisting the decision to end the independent foreclosure review will deliver fatter checks to more borrowers.

“Our new approach will get more money to more people much more quickly,” the Comptroller of the Currency said Feb. 13.

But where’s his proof?

The government’s deal with 13 servicers to end the unwieldy review of 4.2 million mortgages affected by the 2009-10 robo-signing scandal may indeed get money to borrowers faster, but it will not ensure they receive more money.

That’s because the government does not know which borrowers suffered what degree of harm.

The settlement should fit the harm, but the Office of the Comptroller of the Currency is making the harm fit the settlement.”

 

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Read full American Banker article here

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