A little over a week ago, we all saw the news that the OCC's Independent Foreclosure Review ("IFR") was cancelled... or rather... "settled" for something like $8.5 billion. A lot of people wrote about how they were outraged over the whole thing, but I wasn't... so I didn't.

First of all, I thought it was pretty obvious that the whole idea was more than flawed from the beginning, so the fact that it was turning out to be another failed government program in response to the foreclosure crisis was hardly surprising.

And secondly, I said that before I would be willing to get upset over the IFR being cancelled, I wanted to know how much the OCC was planning on awarding someone who was underwater and delinquent even if something was found to be wrong with foreclosure process.

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