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The Little We Know About Foreclosure Reviews Is Troubling

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When only a handful of auditors exist that have the breadth to examine the operations of big banks and their foreclosure operations, it comes as no surprise that conflicts of interest are endemic. That makes the auditors' opinions a lot like the so-called fairness opinions that Wall Street firms produce to justify acquisitions they hope to cash in on. Or the overwhelmingly positive research they produce to sell stocks. The real shame may belong to the government for playing along and adding a patina of respectability to the process that it doesn't appear to deserve. Neil Weinberg, Editor in Chief, American Banker.
Posted by Neil Weinberg | Monday, March 05 2012 at 5:18PM ET
Mo fraud and collusion. Nothing new. Auditors are like regulators -- see no evil, speak no evil, hear no evil. Go home at night and drink a beer. Keep my job and do the job for the MAN that pays the bills. AKA --- Da bank !!!!

Obama, Holder, Bernake, Shapiro and Walsh don't care -- keep screwing the homeowners.
Posted by Ronald L | Tuesday, March 06 2012 at 9:10AM ET
Neil W is right on the money and our Regulators all the way up to the top are fully aware!
Posted by robrose | Thursday, March 08 2012 at 2:45PM ET
The FSOC was to have had a definitive report delivered to it in January 2011. Michael Barr reported an amazing litany of crimes in Nov 2010 that were whitewashed by Geithner and the plunge protection ilk. This is old, sad news. http://www.nakedcapitalism.com/2010/11/foreclosure-task-force-worse-than-stress-tests.html
Posted by Stentor | Friday, May 11 2012 at 9:43PM ET
Question to Francine: Why weren't ANY of the Big Snore (I mean, Big Four) made to testify before Levin's Congressional Oversight Panel, the House/Senate, or the FCIC? Unlike Her Majesty's Treasury, the US has uniformly not prosecuted or meaningfully investigated - in a public fashion - the abject FAILURE of the Big Four. How is their "crime" (so to speak) any less a problem than the failures of the rating agencies? Is it because SOX was supposed to "fix" that industry and Congress can't admit SOX did little but make costs increase?
Posted by Stentor | Friday, May 11 2012 at 9:53PM ET
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