Janet Yellen, chair of the Federal Reserve Board of Governors, says regulators regret how the independent foreclosure reviews turned out. Inefficiencies in the system prompted regulators to halt the reviews this year and replace them with a one-time settlement to compensate impacted borrowers. Fox Business News quotes Yellen as saying:

Once the process started, however, identifying and getting remediation to those borrowers proved far more complex, slow and costly than regulators had anticipated, she said. They abandoned the review for a multibillion-dollar settlement with banks because officials realized the process was delaying getting help to borrowers, Ms. Yellen said.