CRL Statement on Fed/OCC Servicer Compensation
The remedies are deeply inadequate in fundamental ways. The money will too often be too little too late, particularly for borrowers who were wrongfully denied loan modifications. The federal bank regulators continue to withhold too many details from the public, when transparency would be to everyone's benefit. Further, the Sept. 31 st deadline to apply for compensation for borrowers who believe they were wronged is too soon. It should be extended through year's end, especially since a large mailing was just sent out saying the deadline is July 31. The regulators did get one thing right: They