Posted in consumer protections, Financial

Big Banks’ Mortgage Units — Still Failing Customers — Face New Restrictions

Remember that time the nation’s largest banks engaged in fraud and deceptive lending to fuel Wall Street’s insatiable appetite for dodgy investments backed by home mortgages?

Remember how in the aftermath of the economic collapse, after the banks received massive taxpayer bailouts, some of the same financial institutions totally botched the handling of an epochal wave of foreclosures that their actions had helped to bring about? And how untold thousands of people lost their homes as a result? And how federal regulators chose to ignore warnings about the looming crisis, then looked the other way as mortgage companies misapplied homeowner payments, lost piles of paperwork, and generally made it next to impossible for borrowers to take advantage of (flawed) government-sponsored refinancing programs meant to stem the tide of foreclosures?

via Big Banks’ Mortgage Units — Still Failing Customers — Face New Restrictions.

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