The U.S. Comptroller of the Currency has a program in place for banks to have consultants they hire review foreclosures the banks instituted in 2009 and 2010, but several people who have tracked foreclosure abuses in recent years doubt it will do much good for the homeowners, The New York Times reports.
“This is just the next program that’s getting people’s hopes up. Not only will it not help people, it could easily harm them,” the paper quotes said Alys Cohen, staff attorney at the National Consumer Law Center in Washington, as saying.
Beginning last month, the Times said, more than 4 million prople began getting letters saying they could request a review of their cases.
Nye Lavalle, a foreclosure fraud expert who began warning bank executives about bad lending practices back in 1999, is troubled by this situation. “This review process is a wink-wink, nod-nod,” he told the Times.
Not discussed was whether the process could affect any individuals or firms that may have purchased homes foreclosed in the years being reviewed.