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Billions in mortgage aid go through questionable nonprofit

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Mortgage Professional America | 18 Mar 2015, 08:25 AM Agree 0
A Congress-appointed nonprofit aimed at delivering mortgage relief to Americans is accused of awarding multimillion-dollar contracts to insiders and fudging documents.
  • Viva la Revolucion | | 18 Mar 2015, 12:47 PM Agree 0
    Would you really expect otherwise from a govt. slush fund?
  • | | 18 Mar 2015, 01:07 PM Agree 0
    NeighborWorks America is a long-established non-profit. Read the Bloomberg article carefully: some fairly minor errors in process and judgment. Not a scandal. And certainly not a 'questionable' nonprofit -- as per the badly written headline here. Meanwhile, look at the legally mandated foreclosure prevention efforts of Bank of America, Citibank, JPMorgan, Wells Fargo and other TBTF banks -- banks whose mania for securitization caused this TRILLION dollar mess -- and banks who were legally supposed to help homeowners -- yet whose ongoing improprieties and inefficiences are far, far worse than the picayune things in the Bloomberg article about NeighborWorks.
  • FormerBankExec | | 18 Mar 2015, 02:12 PM Agree 0
    Long established does not mean reputable, simply well connected. You need not look much further than Countrywide Home mortgages to see that a large company can fail, as well as become embroiled in scandals. This however is not a story about what the banks have or haven't done, but rather an initial look at the behavior of a non profit that has its hands in the cookie jar, with little oversight. I have seen some of these issues first hand, so I can say the statements in the article, while not as thorough as they should be, are certainly very accurate.
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