What happened at Bank of America is perhaps the most stark example of a process gone awry. Bank of America contractors were reviewing Bank of America loans at a Bank of America facility under the management of full-time Bank of America employees. They were reporting those results to Promontory, the outside independent consultant, whose employees started their reviews based on what Bank of America contractors had concluded.
This is one of the most damning articles I have read on the failure of the Independent Foreclosure Review program that was recently ended by settlement – with no results – after a billion dollars had been spent. The foreclosure crisis could not get any more appalling.
Foreclosure Review Insiders Portray Massive Failure, Doomed From the Start, Ben Hallman & Eleazar David Melendez for the Huffington Post