Study Puts Blame On Big Banks

[xchrom]

http://www.nationofchange.org/study-pins-blame-big-banks-1347803403



Over the past several years, we’ve reported extensively on the big banks’ foreclosure failings. As a result of banks’ disorganization and understaffing — particularly at the peak of the crisis in 2009 and 2010 — homeowners were often forced to run a gauntlet of confusion, delays, and errors when seeking a mortgage modification.

But while evidence of these problems was pervasive, it was always hard to quantify the damage. Just how many more people could have qualified under the administration’s mortgage modification program if the banks had done a better job? In other words, how many people have been pushed toward foreclosure unnecessarily?

A thorough study released last week provides one number, and it’s a big one: about 800,000 homeowners.

The study’s authors — from the Federal Reserve Bank of Chicago, the government’s Office of the Comptroller of the Currency (OCC), Ohio State University, Columbia Business School, and the University of Chicago — arrived at this conclusion by analyzing a vast data set available to the OCC. They wanted to measure the impact of HAMP, the government’s main foreclosure prevention program.

[porphyrian]

1. . n/t

[dixiegrrrrl]

2. It took a study to put the blame on banks??????

[Nay]

3. Well, thank you, Captain Obvious. Jeezus. Now that it's taken you 5 years to figure that out,

how about getting down to fixing it? Or is this study just going to be shoved into the archives somewhere, because the 1% doesn't give a shit?