Sunday, July 8, 2012
In February, the Office of the Comptroller of the Currency and the Federal Reserve Board extended the deadline for the "independent foreclosure review" to July 31 from April 30. Now the deadline has been extended again, to Sept. 30.
The extensions provide more time to publicize the enforcement action, which requires participating servicers to retain independent consultants to identify borrowers who may have been harmed during foreclosure proceedings in 2009 or 2010. So far, the response has been disappointing.
As of this writing, just 196,000 borrowers had actually asked for a review. The servicers have selected 142,400 more cases for review on their own, for a total of 338,400. That number is expected to grow, says Bryan Hubbard, a spokesman for the Office of the Comptroller. But as of now, that's just 7.5% of the estimated 4.5 million borrowers covered by the enforcement action."
I'm sure like me first off homeowners are so tired of being beat down by the banks they're over it, secondly the banks have the control--the one review I did ask for with Wells Fargo they found they did nothing wrong--so the government stating it's an "independent review" is doubtful. Won't change a thing.