NY Times Savages Bank Deal

NY Times Savages Bank Deal

By Michael Wolraich on Fri, 01/11/2013 - 10:20am |

The New York Times rediscovers its teeth in a ferocious critique of the government's mortgage relief program:

Federal banking regulators are trumpeting an $8.5 billion settlement this week with 10 banks as quick justice for aggrieved homeowners, but the deal is actually a way to quietly paper over a deeply flawed review of foreclosed loans across America, according to current and former regulators and consultants.

To avoid criticism as the review stalled and consultants collected more than $1 billion in fees, the regulators, led by the Office of the Comptroller of the Currency, abandoned the effort after examining a sliver of nearly four million loans in foreclosure, the regulators and consultants said.

URL:

http://www.nytimes.com/2013/01/11/business/bank-deal-ends-flawed-reviews-of-foreclosures.html

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Local news in Utah said eligible recipients had until the 18th of this month to apply and would receive in the eight hundred dollar range depending on the number of applicants.

by A Guy Called LULU on Fri, 01/11/2013 - 12:00pm

Isn't this article support for the conservative argument that the Federal government cannot do anything well quickly and fairly?

by artappraiser on Fri, 01/11/2013 - 1:32pm

If the premise is true, it follows only that the Federal government does not do everything well quickly and fairly.

Fwiw, a friend of mine who knows something about the issue disputes the premise. He says the article is a hatchet job.

by Michael Wolraich on Fri, 01/11/2013 - 2:13pm

I've worked with Joe Hagan before. He's no hatchet man. (Also FWIW).

by Michael Maiello on Fri, 01/11/2013 - 2:37pm

Who's Joe Hagan?

by Michael Wolraich on Fri, 01/11/2013 - 3:26pm

He wrote the NY Mag Intelligencer piece linked to here. Is that not the hatchet job at hand?

by Michael Maiello on Fri, 01/11/2013 - 4:31pm

You're on the wrong link, man. It's Jessica Silver-Greenberg, NYT.

by Michael Wolraich on Fri, 01/11/2013 - 7:33pm

A comment on the NYT article from a person who said they were employed at a low level doing these reviews said the workers actually doing them were doing a good job at finding abuse, and that's why the whole process was shut down and ended.

The government is doing a good job, at protecting the big banks and the greedy crooks at the top that run them.

by NCD on Fri, 01/11/2013 - 2:24pm

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