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Regulators flawed in foreclosure oversight

By Implode-Explode Heavy Industries

"But even as it closed the door on state oversight, the OCC chose itself not to scrutinize the foreclosure operations of the largest national banks, forgoing any examination of their procedures and paperwork. Instead, the agency relied on the banks' in-house assessments. These provided no hint of the problems to come until they had tripped the nation's housing market, agency officials later acknowledged."

Full post as published by Mortgage Lender Implode-o-Meter on November 08, 2010 (boomark / email).