The latest effort to fix the foreclosure mess has major flaws, according to a recent article in the New York Times, http://www.nytimes.com/2011/12/25/business/foreclosure-relief-dont-hold-your-breath-fair-game.html?_r=1. This time, the focus is on the foreclosure processing abuses by major loan servicers, including the "robo-signing" of court papers.
The problems include an inherent conflict of interest, as highlighted in a recent Senate subcommittee hearing. The problem is that the consultants hired to do the reviews of past practice are being paid by the banks they are reviewing. Those that have done work for these banks in the past or hope to do work for them in the future are not barred from doing these reviews. The Comptroller of the Currency claims they have carefully vetted the consultants chosen, but as the article points out, it took very little time for a researcher to find serious flaws, including a reviewer who has previously done credit reviews possibly of some of the very same loans from which abuses flowed.
This is yet another example of how Washington has not really come to grips with the inherent conflicts of interest and laissez-faire attitude that contributed to our getting in this mess. Until all players in the financial system have clearly defined limits and standards, enforced by independent parties, the system is going to remain broken.
Proponents of reduced regulation forget their history: we had laissez-faire capitalism in the 19th and early decades of the 20th century. The results were bank failures and periodic financial collapses. This is not a history we should like to repeat.
If you have been the victim of a foreclosure scam or abuses by a creditor or mortgage lender, we can provide assistance. See our website at http://www.nv-njlaw.com
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