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$8.5B bank settlement over foreclosure abuses is no panacea for victims

January 11, 2013 02:15PM

The federal government’s $8.5 billion settlement with 10 large banks over foreclosure abuses following the collapse of the housing market in 2008 has been portrayed by many as swift justice for aggrieved homeowners. But some regulators and consultants see the deal as a distraction from a much-needed comprehensive review of banks’ foreclosure practices, the New York Times reported. Regulators, led by the Office of the Comptroller of the Currency, abandoned their efforts to review some four million loans, after examining only a fraction of the foreclosures, according to former and current regulators and consultants angered over the agencies failure. [more]