Relevant:
- Foreclosure Reviews: Exorbitant for Banks, Gold Mines for Consultants
- Michael Olenick: Schadenfreude Alert -- Banks Paying Extortionate Fees for Foreclosure Reviews
- ResCap to Pay $230M to End Foreclosure Reviews
- Foreclosure Review: Just 3 Percent Of Eligible Borrowers Apply For Review
- Ally Financial's ResCap Wants to End Foreclosure Review Process
2013-03-25 — bloomberg.com
``The review, which may cost about $300 million, is a waste of money because a new federal policy allows a lump-sum payment to be split among borrowers, a lawyer for ResCap said today. That would be cheaper than paying PricewaterhouseCoopers LLP to conduct the review, the company said.
"You have to negotiate with the Fed and then come back to me," Glenn said, referring to the U.S. Federal Reserve, which is requiring the review. "I'm not ruling today, I'm making that crystal clear." ''
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