Foreclosure Review, Regulators Could Strengthen Oversight and Improve Transparency of the Process PDF Download
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Author: U.s. Government Accountability Office
Publisher: Createspace Independent Publishing Platform
ISBN: 9781973957133
Category :
Languages : en
Pages : 94
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Book Description
" In 2011 and 2012, OCC and the Federal Reserve signed consent orders with 16 mortgage servicers that required the servicers to hire consultants to review foreclosure files for errors and remediate harm to borrowers. In 2013, regulators amended the consent orders for all but one servicer, ending the file reviews and requiring servicers to provide $3.9 billion in cash payments to about 4.4 million borrowers and $6 billion in foreclosure prevention actions, such as loan modifications. One servicer continued file review activities. GAO was asked to examine the amended consent order process. This report addresses (1) factors considered during cash payment negotiations between regulators and servicers and regulators' goals for the payments, (2) the objectives of foreclosure prevention actions and how well regulators designed and are overseeing those actions to achieve objectives, and (3) regulators' actions to share information from the file review and amended consent order processes and transparency of the processes. GAO analyzed regulators' negotiation documents, oversight memorandums, and information provided to borrowers and the public about the file review and amended consent orders. GAO also interviewed representatives of regulators, servicers, and consultants. "
Author: U.s. Government Accountability Office
Publisher: Createspace Independent Publishing Platform
ISBN: 9781973957133
Category :
Languages : en
Pages : 94
Get Book Here
Book Description
" In 2011 and 2012, OCC and the Federal Reserve signed consent orders with 16 mortgage servicers that required the servicers to hire consultants to review foreclosure files for errors and remediate harm to borrowers. In 2013, regulators amended the consent orders for all but one servicer, ending the file reviews and requiring servicers to provide $3.9 billion in cash payments to about 4.4 million borrowers and $6 billion in foreclosure prevention actions, such as loan modifications. One servicer continued file review activities. GAO was asked to examine the amended consent order process. This report addresses (1) factors considered during cash payment negotiations between regulators and servicers and regulators' goals for the payments, (2) the objectives of foreclosure prevention actions and how well regulators designed and are overseeing those actions to achieve objectives, and (3) regulators' actions to share information from the file review and amended consent order processes and transparency of the processes. GAO analyzed regulators' negotiation documents, oversight memorandums, and information provided to borrowers and the public about the file review and amended consent orders. GAO also interviewed representatives of regulators, servicers, and consultants. "
Author: Mary Kreiner Ramirez
Publisher: NYU Press
ISBN: 1479881570
Category : Business & Economics
Languages : en
Pages : 271
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Book Description
"An unprecedented breakdown in the rule of law occurred in the United States after the 2008 financial collapse. Myriad large banks settled securities fraud claims for failing to disclose the risks of subprime mortgages they sold to the investing public. Rather than breaking up these powerful megabanks, , the government accepted fines that essentially punished innocent shareholders instead of senior leaders at the megabanks. In [this book the authors] examine the wrongdoing underlying the financial crisis. They reveal that the government failed to use its most powerful law enforcement tools despite overwhelming proof of fraud on Wall Street before, during, and after the crisis. The pattern of criminal indulgences exposes a new degree of crony capitalism in which the powerful can commit financial crimes of vast scale with criminal and regulatory immunity. A new economic royalty has seized the commanding heights of our economy through their control of trillions in corporate and individual wealth and their ability to dispense patronage. The Case for the Corporate Death Penalty shows that this new lawlessness poses a profound threat that urgently demands political action and proposes attainable measures to restore the rule of law in the financial sector." -- Book jacket.
Author: Board of Governors of the Federal Reserve System (U.S.)
Publisher:
ISBN:
Category : Banks and banking
Languages : en
Pages : 478
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Book Description
Author: United States. Congress. Senate. Committee on Banking, Housing, and Urban Affairs. Subcommittee on Housing, Transportation, and Community Development
Publisher:
ISBN:
Category : Consumer protection
Languages : en
Pages : 68
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Book Description
Author:
Publisher:
ISBN:
Category :
Languages : en
Pages : 70
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Book Description
Author: United States. Congress. Senate. Committee on Banking, Housing, and Urban Affairs
Publisher:
ISBN:
Category : Government-sponsored enterprises
Languages : en
Pages : 72
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Book Description
Author: World Bank
Publisher: World Bank Publications
ISBN: 1464814414
Category : Business & Economics
Languages : en
Pages : 254
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Book Description
Seventeen in a series of annual reports comparing business regulation in 190 economies, Doing Business 2020 measures aspects of regulation affecting 10 areas of everyday business activity.
Author: United States. Congress. Senate. Committee on Banking, Housing, and Urban Affairs
Publisher:
ISBN:
Category : Federal aid to housing
Languages : en
Pages : 72
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Book Description
Author: United States. Congress. Senate. Committee on Banking, Housing, and Urban Affairs
Publisher:
ISBN:
Category : Business & Economics
Languages : en
Pages : 152
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Book Description
Author: United States. Congress. Senate. Committee on Banking, Housing, and Urban Affairs. Subcommittee on Securities, Insurance, and Investment
Publisher:
ISBN:
Category : Business & Economics
Languages : en
Pages : 184
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Book Description
