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Banks Hire Friendlies for ‘Independent’ Foreclosure Reviews

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American Banker readers share their views on the most pressing banking topics of the week. Comments are excerpted from reader response sections of AmericanBanker.com articles and from our social media platforms.

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Comments (4)
Geez. How much more of this crap are we going to have to stomach?
Posted by Liz C | Thursday, October 06 2011 at 9:02PM ET
Look folks, the truth of the matter is that in this environment, which has now existed for quite some time now, most capable experienced Foreclosure Law Firms or Companies are obviously being utilized. Would it be better to have people from the Automobile Industry do the review, or Fannie or Freddie auditors? Obviously the answer is no. Let us be realistic, hopeful, understanding and have some faith that these companies have people that will be honest and do their jobs. As for me, I believe that they will!
Posted by robrose | Friday, October 07 2011 at 5:48PM ET
@Robert R

I'm all for most qualified. And yes, there are limited firms with the knowledge and experience. But there are smaller firms and individuals that have this expertise and they are usually not included in roster.

My focus is on disclosure and the accountability for independence and objectivity that promotes. If we can see the reports that's good. If we could see who will do the work by organization - even better if the contracting had been done by government versus banks - it would be much better.

The OCC spokesman said that current government procurement processes would not have been adequate to contract directly. I'm not sure why and he did not want to get into it. But I will be following up, given the large number of qualified firms and individuals already working for the agencies named in various forms for other crisis related issues.
Posted by Francine McKenna | Friday, October 07 2011 at 6:05PM ET
About a month ago, I received a form/questionnaire used to participate in an Independent Foreclosure Review by virtue of losing my home to a short sale. The only bright spot in the form was an open ended question asking me to describe any other way I may have been financially injured by the foreclosure process.

After composing my response, I sent hard copies to the Independent Reviewer, the House and Senate Finance committees, and the chief executives of PNC. I also posted it on my website:

http://www.desolationpress.com/essays/indreview.html

After a day or so of reflection, I thought it might make for a good template for others to use to share their stories. I worked it up and posted it:

http://www.desolationpress.com/essays/testimony.html

I would like to encourage anyone who has been burned by the moneylenders to use the template as a basis for capturing their story, and then sending copies to members of congress - both the House and Senate Finance committees and your state representatives. The key addresses are in the template.

There are at least three million of these stories, and all of them should be heard (or at least carried into their offices) as testimony to the scale and nature of the catastrophe. Make it concrete - "three million" is too abstract to really wrap your mind around. A few truckloads of letters might give them a better sense of the magnitude of the issue.

I would suggest email, or web forms, but they're just too easy to ignore. And delete. Sure, some trees may have to die, but at least it's for a better cause than more real estate circulars.
Posted by Desolation Press | Sunday, February 12 2012 at 8:54PM ET
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