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Volume 2014 - Number 18

May 8, 2014

GAO Calls Upon Regulators to Strengthen Oversight, Improve Transparency of Foreclosure Review Process

The amended consent process that led to faster cash payouts to victims of improper loan modifications and foreclosure practices should be evaluated and tested further to ensure servicers’ implementation of foreclosure prevention principles, according to the Government Accountability Office. The new GAO report represents the third and final phase of the watchdog’s examination of the Office of the Comptroller of the Currency’s Independent Foreclosure Review (IFR) process. In 2013, the IFR was replaced for most servicers with cash payments and foreclosure prevention actions. The latest report found...

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