Sunday, April 17, 2011

Banks ordered to make things right with homeowners!

The article exerpt below gave me pause as I read the words,  OF COURSE the banks are hiring the auditors.... I guess this means that they will find no wrong doing, just as they have announced before that they have not done anything wrong.  OH YES, the fox is in charge of the chicken coop.   This could mean good news IF things go honestly. With only 45 days to complete MILLIONS of examinations - well one doubts they will be accurate.  Time will tell what happens.  This announcement came one day after our judge refused to issue an emergency TRO hearing regarding eviction.  sad.

To read full larticle: >>>>

Citibank, Bank of America, JPMorgan Chase and Wells Fargo, the nation's four largest banks, were among the financial firms cited in the joint report by the Federal Reserve, Office of Thrift Supervision and Office of the Comptroller of the Currency.

The Fed said it believed financial penalties were "appropriate" and that it planned to levy fines in the future. All three regulators said they would review the foreclosure audits. Under the agreements reached, the lenders and servicers have 45 days to hire an auditor and will "remediate all financial injury to borrowers caused by any errors, misrepresentations, or other deficiencies." There is no minimum or maximum dollar amount identified.

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