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April 12, 2013

Senate Democrats Blast Regulators on Foreclosure Reviews

Senate Democrats blasted federal banking regulators for not revealing more details about what consulting firms found during a review of mortgage-foreclosure abuses and how those firms performed.

The lawmakers, at a hearing on Thursday, faulted what they called a cozy relationship between regulators, banks and consulting firms, many of which have close ties to Washington officials.

“‘People want to know that their regulators are watching out for the American public—not for the banks,’ said Sen. Elizabeth Warren (D., Mass.). ‘The only way that we can evaluate whether or not you’re doing your job is if you make some of this information publicly available. And so far, you’re not doing that.’

Ms. Warren and other lawmakers demanded information about how much money consultants received, their findings on individual banks’ error rates and the identity of a consulting firm cited for problems.”

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Read full Wall Street Journal article here

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