Federal banking regulators are trumpeting an $8.5 billion settlement this week with 10 banks as quick justice for aggrieved homeowners, but the deal is actually a way to quietly paper over a deeply flawed review of foreclosed loans across America, according to current and former regulators and consultants. … Other reviewers said that the test questions used to evaluate each loan were indecipherable and in some cases the process failed to catch serious harm.
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