So the only part that I’d still love to know was who exactly is behind the C&D order? Is it just the OCC? I have a sneaking suspicion that Treasury has been playing both sides of the street on this one, and that the Fed either aligned with the OCC or pretending to sit it out, which has the effect of supporting the OCC. The only regulator certain to have been keen to take action against the banks was the FDIC (despite the Administration having put a target on Elizabeth Warren’s back, she is a mere advisor and the CFPB is merely a regulator in waiting).
But on another level, having the talks come to naught is a good outcome. It makes it easier for the AGs that believe in the rule of law to build and launch cases against servicers, and for the courts to continue to pile up examples of miscreant servicing and botched chain of title (these Potemkin reforms are going to change virtually nothing on the ground).
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