"A wrongful foreclosure is where the bankers do not wear a tie, and trust me, we all have the very best imported silk ties we need!" - Ben Voldemort
In a recent meeting of the Fed's Consumer Advisory Council, the nation's central bank came under intense criticism by consumer advocates for an upcoming report that's expected to claim that after an investigation, they've determined that no wrongful foreclosures have been carried out by US banks.
Huffington Post reporter Shahien Nasiripour was at the meeting and caught a number of key remarks, namely council members attacking how the Fed's investigators had defined what a wrongful foreclosure is.
According to Nasiripour, they defined it as a foreclosure which happens when a home owner is not significantly behind on payments -- leaving out a litany of other situations and acts that consumer advocates call criminal behavior.
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