Request for foreclosure probe 3 years ago thwarted

As foreclosures began to mount across the country three years ago, a group of state bank regulators suspected that some borrowers might be losing their homes unnecessarily. So the state officials asked the biggest national banks for details about their foreclosure operations.

When two banks -- J.P. Morgan Chase and Wells Fargo -- declined to cooperate, the state officials asked the banks' federal regulator for help, according to a letter they sent. But the Office of the Comptroller of the Currency, which oversees national banks, denied the states' request, saying the firms should answer only to inquiries from federal officials.

Webmaster's Commentary: 

I guess this is why the government is wagging the Chinese sub at us all; three years ago when state officials wanted to investigate whether the sudden surge of foreclosures might be the result of fraud, corruption, or criminality, the Federal Government BLOCKED THEM!

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