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Au revoir Allonhill: OCC Finally Pulls The Plug
I first wrote about massively conflicted OCC foreclosure review firm Allonhill on nakedcapitalism, here:
http://www.nakedcapitalism.com/2011/12/michael-olenick-the-administration-likes-foxes-in-charge-of-henhouses-%E2%80%93-proof-that-occ-foreclosure-reviews-are-a-sham.html
Gretchen Morgenson picked it up for the NYT, here:
http://www.nytimes.com/2011/12/25/business/foreclosure-relief-dont-hold-your-breath-fair-game.html
Took a few months but now the OCC has reacted; Allonhill’s finished:
http://www.occ.treas.gov/news-issuances/news-releases/2012/nr-occ-2012-74.html
Sue, meet David J. Stern. He can tell you what happened to his sham company DJSP after I showed his investors he was grossly misleading them.
To Sue Allon, and all those out there like her:
http://www.youtube.com/watch?v=rY0WxgSXdEE&feature=relmfu
Updated: That last part where the OCC arrogantly proclaims “The decision does not reflect on the quality of work performed to date by Allonhill” is bunk. Of course it does. Every Aurora/Allonhill file needs to be reviewed by a genuinely independent auditor. Send the bill for the re-reviews to Sue Allon, to John Walsh who signed off on allowing Sue Allon to review her own work, or to Aurora who thought they’d get away with their latest sleazy trick. Whoever .. as long as it isn’t US taxpayers. But obviously they need to start from scratch.
