There wasn't an elegant exit strategy to be had. Still, a planned settlement between regulators and ten major banks will put an end to a troubled foreclosure review process and send more cash to borrowers than any other regulatory effort to date.
Quick cash was the emphasis of a Monday press briefing by officials from the Office of the Comptroller of the Currency. Specifically, the OCC officials talked up $3.3 billion in direct cash payments to borrowers who faced foreclosure and $5.2 billion in other remediation. The new plan, the regulators argued, "achieves the original goals" of identifying bank servicing failures and compensating homeowners who are at risk of losing their homes.