foreclosure help

Sen. Richard Shelby of Alabama, the top Republican on the Senate Banking Committee, Wednesday accused her of leading a �regulatory shakedown� of the mortgage servicers. He cited news reports that certain regulators involved in the talks, including Ms. Warren, state attorneys general and the Federal Deposit Insurance Corp., may propose the banks pay a penalty of as much as $30 billion � and said Ms. Warren was leading the push.

�This proposed settlement appears to be an attempt to advance the administration�s political agenda, rather than an effort to help homeowners who were harmed by a servicer�s actual conduct. … The $30 billion would most likely fund a new slate of housing programs long sought by the administration, but previously rejected by Congress,� Mr. Shelby said in remarks during a hearing on housing policy.

�Just last year, I warned that the new Bureau of Consumer Financial Protection would prove to be an unaccountable and unbridled bureaucracy.� I did not expect to be proven correct so quickly,� he said.

The Obama administration is trying to negotiate a broad settlement among various federal regulators, 50 state attorneys general and mortgage servicers to settle allegations that the banks mishandled foreclosures. Ms. Warren has been involved in the talks behind the scenes, according to people familiar with the negotiations.

In a recent interview, Ms. Warren declined to detail her role, saying the Department of Justice had requested participants keep the talks private. She did note that the CFPB has no legal authority on the issue at the present time.

Last week, state attorneys general and federal agencies delivered a 27-page set of proposed rules that would reshape the way mortgage servicers deal with troubled borrowers.

The proposal was drafted by Iowa Attorney General Tom Miller and several other attorneys general in response to revelations that banks used �robo-signers� who didn’t review documents their colleagues prepared. The proposed rules cover every aspect of the foreclosure process, including the appropriate fees that mortgage servicers can charge, the way that they evaluate homeowners for modifications and the way banks must demonstrate loan ownership when they proceed to foreclosure.

A group of House Republicans subsequently sent a letter to Treasury Secretary Timothy Geithner raising numerous objections to the proposal.

Among their concerns is the role being played by the fledgling Bureau of Consumer Financial Protection, which they said “does not yet have any regulatory or enforcement authority.” The proposed servicing rules would put that agency in charge of overseeing specific steps over how banks evaluate borrowers for loan modifications.

In Part I of this series we discussed the media's failure to accurately report the scope and nature of the banker crime wave around foreclosure fraud, and talked about the confusion over reports that the Administration has proposed a framework for settling the fifty-state lawsuit against the banks. (Hmm ... wonder why there wasn't a Federal lawsuit, too?)

Is there really an Administration proposal for a deal? Given the number of reports and the absence of denials from the White House, the answer appears to be ... sort of. It seems clear that the Administration's proposing to create a $20 billion fund at the banks' expense which would be used to help underwater homeowners, and that the banks would administer this fund themselves (we'll respond to the proposal outline in Part III of this series). But even that's not 100% certain, since reports suggest that there's still infighting among government agencies.

Reuters reports that the Consumer Financial Protection Bureau (CFPB) and Federal Deposit Insurance Corporation (FDIC) folks are pushing for a larger settlement, but that the Office of Comptroller of the Currency (OCC) thinks the proposed settlement is already too big. All of this alphabet soup is beginning to spell out a slang expression that describes the government's handling of this situation with pinpoint accuracy. That expression begins with "cluster" and ends with the word Melissa Leo introduced to the Academy Awards last Sunday night.

The virtual ink was barely dry on the initial reports of an Administration proposal when Reuters reported that "regulators' efforts to settle with banks over improper mortgage foreclosures are being hampered by disagreements among the groups involved over the size and shape of an accord." Other stories then elaborated on the squabbles among Federal agencies over the scope and nature of the proposed settlement. It seems as if everybody in the Federal government is running to the press so they can put their own spin on a proposed deal.

It looks like we're observing a serious vacuum in leadership during a time of crisis. This vacuum, together with the confusion that's been created in the press as everybody pushed their own agenda, has left the public becalmed in fog-shrouded waters somewhere between Conflicting Viewpoints, Absolute Bewilderment, and WTF.

(Hey, you know what would be great? It would be great if all of these Federal agencies reported to a single person - and that person was empowered to make an executive decision on behalf of the entire executive branch of government. You could call that person the "Chief Executive," or ... but I digress.)

Despite all the confusion, the outlines of the Administration's proposal seem to be coalescing around three main provisions: Banks would have to write down the principal on underwater mortgages with $20 billion of their own money (investors in mortgage-backed securities and other instruments would not be held responsible), and they would implement their own mortgage modification programs. No government money would be used to reduce principal.

Any proposal from the Federal government would have to be accepted by the states before being presented to the banks. Based on what we've learned so far, does this proposal provide the right framework for a comprehensive settlement? We'll save our conclusion for the third and final installment of this series, but here's a sneak preview:

No.

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