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Released: February 13, 2013
Big banks are told to review their own foreclosures
Source: Jessica Silver-Greenberg and Ben Protess, NY TImes (Free Registration)
Washington is seeking help from an unlikely group in its effort to distribute billions of dollars to struggling homeowners in foreclosure: the same banks accused of abusing homeowners with shoddy foreclosure practices.
In doing so, the regulators are trying to speed the process after a flawed, independent foreclosure review delayed relief for millions of borrowers, according to people briefed on the matter. But housing advocates worry that the banks, eager to end the costly process, could take shortcuts as they comb through loan files for errors, potentially diverting aid from the neediest homeowners.
Read Full Article: Big banks are told to review their own foreclosures
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