Re “Where Have All the Jobs Gone?,” by Jared Bernstein (Op-Ed, May 3):
To the Editor:
CNBC Foreclosure Crisis Still Has Millions In Its Grip http://www.cnbc.com/id/100722965/print/1/displaymode/1098/ Five years after the mortgage meltdown sparked a wave of home foreclosures, millions of Americans are still in housing "limbo," battling to save their homes despite government programs meant to help them.
If there's one thing industry insiders knew and everybody else has seen from the OCC and robosigner settlements, it’s that, at best, regulators underestimated the complexity and man power associated with these problems (at worst they knew what banks and servicers were doing all along, only to later leverage these institutions as scapegoats). Case in point, regulators estimated they would need only a handful of hours to review files believed to contain errors. After months and almost $2 billion, they realized the reviews required five times the time and cost estimated.