HUD Inspector General Hints at a Nuclear Bomb in the Mortgage Settlement

Wednesday, 03/14/2012 - 3:03 pm by Matt Stoller

Did Bank of America just get called out for failing to follow crucial procedures?

Most of what I have to say about the settlement is in this post over at Naked Capitalism. But there is a remarkable tidbit I left out, which the HUD OIG noted in a wry part of the audit on Bank of America.

Bank of America may have conveyed flawed or improper titles to HUD because it did not establish control environment which ensured that affiants performed a due diligence review of the facts submitted to courts and that employees properly notarized documents.