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<oembed><version>1.0</version><provider_name>naked capitalism</provider_name><provider_url>https://www.nakedcapitalism.com</provider_url><author_name>Yves Smith</author_name><author_url>https://www.nakedcapitalism.com/author/yves-smith</author_url><title>GAO Report on Foreclosure Reviews Misses How Regulators Conspired with Banks Against Homeowners | naked capitalism</title><type>rich</type><width>600</width><height>338</height><html>&lt;blockquote class="wp-embedded-content" data-secret="kkJFItLN6L"&gt;&lt;a href="https://www.nakedcapitalism.com/2013/04/gao-report-on-foreclosure-reviews-misses-how-regulators-conspired-with-banks-against-homeowners.html"&gt;GAO Report on Foreclosure Reviews Misses How Regulators Conspired with Banks Against Homeowners&lt;/a&gt;&lt;/blockquote&gt;&lt;iframe sandbox="allow-scripts" security="restricted" src="https://www.nakedcapitalism.com/2013/04/gao-report-on-foreclosure-reviews-misses-how-regulators-conspired-with-banks-against-homeowners.html/embed#?secret=kkJFItLN6L" width="600" height="338" title="&#x201C;GAO Report on Foreclosure Reviews Misses How Regulators Conspired with Banks Against Homeowners&#x201D; &#x2014; naked capitalism" data-secret="kkJFItLN6L" frameborder="0" marginwidth="0" marginheight="0" scrolling="no" class="wp-embedded-content"&gt;&lt;/iframe&gt;&lt;script type="text/javascript"&gt;
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</html><description>I suppose one has to be grateful for any official pushback against failed regulatory initiatives, such as the just-released GAO report criticizing the Independent Foreclosure Reviews. Of course, in this instance, I am charitably assuming that these reviews were a failure. They have certainly proven to be an embarrassment to the lead actor, the OCC, which has tried to maintain as low a profile as possible on this topic rather than offer any defenses.   But "failure" assumes that the OCC and the Fed did not achieve their real objective, which was to protect the banks. That hardly appears to be the case.</description></oembed>

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