Hat tip to Stopforeclosurefraud website.
PR10-11-104
Contact: Sharon Lee, (212) 669-3747 November 18, 2010
SHAREHOLDERS DEMAND: WHERE ARE BANKS’ DIRECTORS IN FORECLOSURE MESS?
Liu: “Their Silence is Deafening”
NEW YORK, NY – New York City Comptroller John C. Liu stated the following in response to questions about the Congressional hearing today on irregularities in the foreclosure process:
“Mass foreclosures, due in part to widespread irregularities, have hurt homeowners, mortgage investors, and regional economies. Bank shareholders are also at risk.
“Where are the bank directors in this enormous mess? Their silence is deafening, particularly when management continues to sweep the problem under the rug as mere ‘technical glitches.’
“The Directors are ultimately responsible, not only for compliance, but for ensuring sound business practices. They must serve their shareholders and must fix the root problems, including managing perverse financial incentives in the current business model.
“Since July, we have warned that flawed bank procedures are forcing New Yorkers from their homes and hurting our economy. It is now clear that foreclosure and mortgage irregularities expose shareholders to substantial liabilities and loss. This would hurt our retirees and taxpayers.”
SOURCE: New York City Comptroller
Shareholders Demand - Where Are Banks Directors in Foreclosure Mess?
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