GAO Rips Regulators Over Botched Foreclosure Review

Law360, Los Angeles (April 4, 2013, 7:16 PM EDT) -- The U.S. Government Accountability Office blamed federal regulators and private consultants for their lousy performance reviewing more than 4 million residential foreclosures in a bungled process that delayed relief to homeowners and ultimately was scrapped, according to a report issued Thursday.

The 74-page report criticized the Office of the Comptroller of the Currency and the Federal Reserve for giving consultants involved in the project instructions that were too broad and for insufficiently overseeing the project. The project was to independently review the foreclosures by 14 mortgage...
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