US mortgage claims monitor wants open line with consumer advocates

Washington: The court-appointed monitor of a $25 billion (Dh91 billion) US settlement with five banks over abusive foreclosure practices said he’s hoping consumer advocates will let him know if banks aren’t complying.

 

Joseph A. Smith Jr, who left his position as North Carolina’s banking commissioner to take the monitoring job, said he’s set up a website where housing counselors, bankruptcy lawyers and other advocates can report problems.

 

“I am hopeful that we will get additional input in terms of our review of the banks’ work from out in the field,” he said in a telephone interview.

 

Smith said he’s working on setting up uniform standards for monitoring compliance at each bank, and has hired BDO Consulting, a division of New York-based BDO USA, to help.

 

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