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Regulators to Keep Tight Lips on Foreclosure Improprieties

Posted on Apr 30, 2013
kevin dooley (CC BY 2.0)

This month we learned that regulators will not reveal any shenanigans discovered by the highly paid “independent” consultants big banks hired under orders from the government to review potential wrongdoing on their part in the foreclosure/robo-signing scandal.

The withholding means homeowners who got just a few hundred dollars in settlements and want to sue the banks won’t have the evidence to do so. The consultants, meanwhile, got $2 billion for their services, a sum amounting to more than $20,000 per file.

—Posted by Alexander Reed Kelly.

Matt Taibbi at Rolling Stone:

[I]t comes out that not only were these consultants not so independent, not only did they very likely skew the numbers seriously in favor of the banks, and not only were these few consultants paid over $2 billion (over 20 percent of the entire settlement amount) while the average homeowner only received $300 in the deal – in addition to all of that, it appears that federal regulators will not turn over the evidence of impropriety they discovered during these reviews to homeowners who may want to sue the banks.

In other words, the government not only ordered the banks to hire consultants who may have gamed the foreclosure settlement in favor of the banks, but the regulators themselves are hiding the information from the public in order to shield the banks from further lawsuits.

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