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Office of the Comptroller of the Currency

Adding secrecy to scandal in mortgage crisis

Adding secrecy to scandal in mortgage crisis

We already know that federal regulators have undermined accountability for abuses by mortgage servicing companies. In another disturbing development, the Federal Reserve and the Office of the Comptroller of the Currency (OCC) are refusing to turn over information to members of Congress that could help them prevent such abuses from happening again. A recent study of the Independent Foreclosure Review process by the Government Accountability Office (GAO) cited significant flaws, including a lack of transparency, in the design and implementation of the process. The Independent Foreclosure Review process was created in 2011 because several mortgage servicing companies and their affiliates were...

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