Regulators, who are unaware of how many were actually harmed by this occurrence, are spreading the cash payments between 3.8 million borrowers.
“It’s absurd that this money will be distributed with such little regard to who was actually harmed," Bruce Marks, the chief executive of the nonprofit Neighborhood Assistance Corporation of America, said in an interview with The New York Times.
Consumer Watchdog Tightens Mortgage Lending Rules On Banks
Sheila C. Bair, who opposed the way the reviews were designed when she was chairwoman of the Federal Deposit Insurance Corporation said, “This thing is a big mess which was dumped into the lap of the current O.C.C. leadership. They are trying to make the best out of a very bad situation.”
