Banking regulators this week launched the government?s latest attempt to help troubled homeowners?the Independent Foreclosure Review?heralding it as a thorough and fair way to compensate homeowners victimized by big banks. But early indications are that this program, like earlier efforts, has fundamental flaws.
The most central question, how compensation will be calculated, has not been determined, regulators said, and it?s even unclear what type of compensation borrowers would get: cash or a nonmonetary remedy. Many key elements of the program have been kept secret, including the specific bank errors or abuses that would merit compensation. Democratic lawmakers have questioned whether the personnel deciding who deserves compensation are qualified to do so. And the process, which allows no appeals, can require homeowners to put forth their cases in writing, a formidable task that consumer advocates say many borrowers lack the expertise to do.
Source: http://feeds.slate.com/click.phdo?i=8ab82d2e6363fb8b9db3866c5e64f455
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