Items Tagged with 'The Government Accountability Office'


  • OCC: 87% of settlement funds distributed to borrowers

    Waters has called OCC's crediting system "nonsensical"
    According to the OCC, Qualified Settlement Fund 1 had disbursed 3,948,415 checks to distressed borrowers, totaling $3,385,814,432, as of January 24, 2014. Of those checks, 3,280,458 (83%), totaling $2,903,932,623 (86%), have been cashed or deposited as of April 8, 2014.
    Read More
  • Mortgage servicing foreclosure review faults subpar regulation

    Cash payouts and foreclosure prevention fund based on "incomplete information"
    When it came to the $6 billion set aside for foreclosure prevention actions, the GAO found that the Fed and OCC did not define specific objectives for what was to be done with the money. Instead, the regulators negotiated with the servicers and identified broad objectives, including “that actions be meaningful and that borrowers be kept in their homes.”
    Read More