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FHFA IG: Plenty still to come in mortgage investigations

  • It's only about the "fifth inning" of mortgage investigations, says Michael Stevens, in a phrase likely to send a chill through the boardrooms of banks across the country. Stevens is the FHFA's acting inspector general, and Bloomberg's Jody Shenn - in attendance at the MBA event where Stevens is speaking - says there was a "loud, collective gasp" from the crowd when he uttered that line.
  • Stevens says investigators have found improper actions "not only occasionally, but in the end, with almost every" deal examined. “I don’t see anything in the near future that’s going to wipe the slate clean with all of the investigations.”
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Comments (3)
  • convoluted
    , contributor
    Comments (1968) | Send Message
     
    Played golf with an attorney recently that related how a client had accepted an offer to deed property back to bank-this was in 2009. His client found that the bank still showed, on the credit report, that the file was still open. The client repeatedly sent copies of the conveyance and letters of explanation, all to no avail.
    At the attorney's suggestion, the client subscribed to the 'do-not-call' list, and is now logging up some 16k every time the bank calls to pester the client. They plan to let this continue as long as possible. They also plan to eventually file suit under the FCRA for erroneous credit information.
    I won't mention the bank, but there was a merger involved during the 'crisis years' that no doubt created this scenario. How many similar situations are out there? (In addition, the bank is still charging exorbitant insurance rates on the property that's actually in their name- again, totally ignoring the client's claims).
    Can you just imagine this set of facts in front of a typical jury?
    21 May, 04:51 PM Reply Like
  • minecanary
    , contributor
    Comments (488) | Send Message
     
    No women is as fickle a lover as a campaigning politician.
    22 May, 12:25 AM Reply Like
  • Michael Clark
    , contributor
    Comments (8862) | Send Message
     
    GASP! I thought is was the second inning!

     

    If the society does not demand virtue from the super-rich they will not demand virtue out of themselves. If they don't demand virtue out of themselves, then they will run the society into decay and corruption -- chaos.
    22 May, 04:59 AM Reply Like
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