More Conflicts For The “Independent” Foreclosure Reviews
PwC has an ongoing independence conflict in performing the Ally/ResCap independent foreclosure review. This conflict is disturbing on two fronts.
Posts
A Summary of Writing on the “Independent” Foreclosure Reviews and the AG Mortgage Settlement
/12 Comments/in Pure Content, The Big 4 And ConsultingHere’s a compilation – updated – with links for the columns/posts I’ve written about the mortgage servicer foreclosure reviews mandated by the April 2011 SEC/Fed consent orders, the April 2012 Attorneys General mortgage settlement and the intersection of the two regulatory actions.
Internal Audit At JPMorgan Chase: Not High Profile Enough Yet
/5 Comments/in Food for Thought, Latest, Pure ContentI thought after all that had happened at JPMorgan Chase last year – for example, billions in losses from the “whale” trade, investigations into Libor and AML illegal acts, multiple lawsuits including by the New York Attorney General for foreclosure fraud – someone would take a close look at internal audit and, maybe, make some big changes. I was wrong.
Deutsche Bank Fair Value Fakeout Didn’t Prevent Backdoor Fed Bailout
/2 Comments/in Food for Thought, LatestDeutsche Bank may have avoided a bailout by the German government but borrowed billions from the US Federal Reserve and various programs during this period. So much for avoiding a bailout by pretending there was no risk of catastrophic losses during the financial crisis.
Update: Mortgage Servicer Foreclosure Review Process
/4 Comments/in Attorney-Client Privilege, Bear Stearns, Deloitte, EY, Fraud, Independence, Latest, PricewaterhouseCoopers, Pure Content, Regulators, Laws, Standards, Regulations, Subprime, The Big 4 And ConsultingI was the first to report on December 6 the irony of Deloitte having been selected by, of all banks, JP Morgan Chase. The high likelihood of a conflict between the bank and the audit firm, and possibly the individual Deloitte partners assigned to the JP Morgan Chase review, should have been obvious to anyone at the OCC. It turns out I was right.
Closing In On The Fix For Mortgage Servicer Abuses
/in Pure Content, The Big 4 And ConsultingMy latest column, “Banks Hire Friendlies for ‘Independent’ Foreclosure Reviews”, is on line now at American Banker’s BankThink.
@Forbes: Wikileaks and Banks, Federal GAAP – A Deloitte Tale
/1 Comment/in Pure Content, You Can Quote Me On ThatWhich bank should feel threatened by Assange and Wikileaks? I’m betting on Citigroup. And…Did you know the Federal Reserve Bank makes up its own accounting principles? Call it “Government GAAP”, but don’t call it fair value.