In past posts, I have criticized the Fed for caving in too quickly concerning the robo-signing scandal. I believe they settled with the offenders far too quickly, they entered into a consent agreement that offers no real relief to aggrieved homeowners, and they made no significant provisions for homeowners who lost their property due to wrongful foreclosures. I was crushed, of course, when, without regard for my criticism, they entered into the consent agreements.
Today, I attended a conference where an OCC staff member sat on a panel and promoted the virtues of the consent agreements. I could barely control my anger as he spoke.
Still convinced of my relevance, I followed the OCC staff member as he left the room. He picked up his pace. I picked up my pace.
Outside, I got his attention despite his obvious efforts to ignore me.
"You mentioned that the consent agreements require the lenders to exercise better control over their foreclosure counsel?"
"Yes."
"You might be interested in a case I have pending. Counsel brought in the original note with an allonge, but the allonge is a signed piece of paper to which a sticker bearing the name of the borrower and the loan number has been attached. She displayed it in open court. I think it is a problem."
"This is why we gave them four months until the consent agreements are effective. If you see this four months from now, you can use our complaint process."
At least I had him on the run for a minute.
