Report cards have come in for the 5 big banks on their performance holding up their end of the mortgage settlement deal. This multi-billion dollar deal was supposed to put to rest all claims and make sure the banks stayed on the straight and narrow. So guess how they did.
Yes, they all failed.
Hard to believe, or not really? In the first quarter of 2013 there were 6 failing reports issued against the banks. By the second quarter there was only 1 plus promises to clean up their acts and “address the failures.”
Whether that’s actually happening or not is anyone’s guess. Things like notifying struggling homeowners of legal action just seem to have been forgotten by the banks. And just to make sure those problems get fixed, the oversight committees are making their reports even more detailed.
My gut tells me we’re all going to be disappointed by the results of the next report. But at least we can find out just how badly their messing us over.