OCC Will Release Phony Consent Order on Foreclosure Fraud Next Week

April 8, 2011

It’s confirmed: the OCC and some other federal regulators will pursue their own foreclosure settlement with the banks, based on the ridiculous consent decree that allows banks to get away with fraud and other criminal actions by promising never to do it again. This settlement will occur outside of the state AG settlement being currently negotiated, which continues a too-small but still real penalty of between $20-$30 billion in forced principal write-downs. Iowa AG Tom Miller, who is leading the investigation, says that his probe will continue:

Iowa Attorney General Tom Miller said the reported side settlement between mortgage servicers and federal regulators will in no way affect the ongoing investigation he is leading along with 49 other state attorneys general.

Several media outlets are reporting that the Federal Deposit Insurance Corp., the Office of the Comptroller of the Currency, the Office of Thrift Supervision and the Federal Reserve are engaging in talks with mortgage servicers and that agreements could be signed as early as next week

Friday April 8, 2011 8:10 am

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