Government regulators forces bank to repay homeowners and some are still not happy

The article by Derek Kravitz of the Associated Press Real Estate Writer titled Gov't orders 14 lenders to reimburse homeowners should have been something celebrated by all who read it except maybe those who took advantage of this economic disaster and homeowners.  It brought a smile to my face and I finally felt relieved that the government had finally stepped up and done something but as with all other things, there are always those who can not see the forest for the trees.

The article sited these lenders and servicers by reporting that “the federal government on Wednesday ordered 16 of the nation’s largest mortgage lenders and servicers to reimburse homeowners who were improperly foreclosed upon.  Government regulators also directed the financial firms to hire auditors to determine how many homeowners could have avoided foreclosure in 2009 and 2010.  Citibank, Bank of America, JPMorgan Chase and Wells Fargo, the nation's four largest banks, were among the financial firms cited in the joint report by the Federal Reserve, Office of Thrift Supervision and Office of the Comptroller of the Currency. The other lenders and service providers cited by the agencies include: Ally Financial Inc., formerly known as GMAC, Aurora Bank, EverBank, HSBC, MetLife Bank, OneWest Bank, PNC, Sovereign Bank, SunTrust Banks, U.S. Bank, Lender Processing Services and MERSCORP.”  It may not be all that I wished to happen to them but anything is better than nothing. 

But of course you will always be able to find others who see it differently as depicted in this article “I want to know what abuses (the government agencies) identified, which banks committed them and how their proposed consent agreement is going to fix these problems," said Rep. Elijah Cummings, D-Md., the ranking member of the House Government and Oversight Committee. "Based on what I have read ... I am not encouraged at all."  John Taylor, chief executive of the National Community Reinvestment Coalition, a consumer housing watchdog, said the government's action is a year too late. It does little to help those who are just now wrestling with a foreclosure and those who have already been displaced, he said. "This should have happened a long time ago," he said. "There are so many people who, if they had received a meaningful modification, could have stayed in their homes."  There is an old saying that you may please some of the people some of the time but you will never please all of the people all of the time, I guess this is proven true again.

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