Save the old Planet Before this author comments on the May 30, 2012 OIG-12-054, Audit Report

we need to acknowledge the actions of individuals who places life above and beyond all else. The movie Apollo 13 revolved around actions to save the crew of Apollo 13. Flight Director Eugene Francis Kranz most likely did not have the time to calculate or extrapolate a response to the crisis alone, however in this authors opinion, Kranz in real life placed saving life as the absolute and demanded that answers be found. Now, the author will comment on the May 30, 2012 OIG-12-054, Audit Report. Specific Excerpts:
We included this audit in the Office of Inspector General Fiscal Year 2011 Annual Plan in response to reports of robo-signing and document manipulation by financial institutions pursuing foreclosure in connection with the wave of mortgage defaults caused by the economic crisis. Also, this is an area of OCC supervision that we had not previously reviewed. (pg 1) OCC examination procedures during the period 2008 through 2010 were not sufficient in scope or application to identify significant weaknesses in national banks foreclosure documentation and processing functions. During this time OCC did not consider foreclosure documentation and processing to be an area of significant risk and, as a result, did not focus examination resources on this function. The nature and extent of concerns found by OCC during its inter-agency horizontal review3 of mortgage foreclosure processes at major mortgage servicers indicate that OCC underestimated the level of risk in the function during the period we reviewed. We noted a number of conditions that, taken together, may have contributed to this underestimation. These conditions are discussed in more detail in the findings and

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recommendations section of this report. In addition, we noted that the Mortgage Banking Comptrollers Handbook, which, among other things, provides the suggested examination procedures covering foreclosures, had not been updated in 13 years. (pg 2)

Foreclosure is primarily governed by individual state law and the portfolios of large mortgage servicers generally contain loans from many states. Accordingly, the risks associated with foreclosure documentation and processing is significantly increased overall because of the inherent complexity introduced by each states own set of laws and regulations. Since the expertise of most OCC examiners lies primarily in issues of safety and soundness and compliance with federal laws and regulations rather than state laws and regulations, the degree of risk associated with foreclosure documentation and processing was not fully appreciated by the examiners. (pg 7) OCCs The Mortgage Banking Comptrollers Handbook provides examiners background narratives on the mortgage process as well as suggested examination procedures. However, we found that it had not been updated since the late 1990s (narratives were last updated in March 1996; procedures were last updated in March 1998). As a related observation, we noted that OCC does not have a documented policy requiring the periodic review and update of Comptrollers Handbooks. (pg 9)

Now that there is an admission, what are we the people prepared to do about it? There are many in Congress that is being lobbied to reduce the oversight of the financial institutions. This reduction would also most likely reduce an allotment of funds to educate regulators to assure that fraud is not again perpetrated upon the people of the world. This author has heard a number of Republicans claim that such increase in regulation would harm profitability. Profitability, whose, surely not those of the tangible manufacturing world? Surely not those that grow the turnips in the fields spread across the planet? Could it be the profitability of a revolving door after governmental office?

World and financial leaders as Nominees of the people appear to have lost the path to act as a Beneficiary for the people. World leaders assigning their duties to Kick the Can meetings months, weeks or days away only allows the spacecraft to further deteriorate. (The clock keeps ticking and it is the people that are taking the licking.) The situation as not being acted upon in a timely manner by so called learned has allowed deterioration to achieve a level that not only can NASA not find a solution; the worlds leaders and financial leaders along with non fully educated experts have created a FUBAR. (Fouled Up Beyond Any Repair, FUBAR as being an acronym, apply what meaning you wish, choice.) When we look at Americas upcoming election at a whole, we are left at present to elect the least evil. The release of the OIGs report helps identify the least evil. Thus, time will reveal the outcome of Gods battle with Satan and what remains after that battle should be that of Good. The world and Europe must rely upon wisdom in their upcoming elections.

Authors Outlook Opinion of the American Elections Democrats 1 Republicans 0 Obama 1 Romney 0
Save the old planet, for what it contains is that our children and their children will inherit. Who do we leave with dominion over our children God or Satan, that choice is ours? Choose Wisely!