Update from the Foreclosure-Based Economy 0

Horrors! This slow the engine of growth in jobs for process servers and foreclosure estate agents.

As many as 4.5 million homeowners who think their foreclosures were mishandled can request a free, independent review under an action by federal bank regulators outlined on Tuesday. If a review uncovers bank misdeeds, homeowners will be entitled to compensation.

Oh, wait. Later in the story, we find that the banksters will still be in control:

To qualify, homeowners must be customers of the servicers participating in the program. They are: America’s Servicing Co., Aurora Loan Services, Bank of America, Beneficial, Chase, Citibank, CitiFinancial, CitiMortgage, Countrywide, EMC, EverBank/Everhome Mortgage, First Horizon, GMAC Mortgage, HFC, HSBC, IndyMac, MetLife, National City, PNC, Sovereign Bank, SunTrust Mortgage, U.S. Bank, Wachovia, Washington Mutual and Wells Fargo.

Mortgage servicers will send letters to customers who qualify for reviews, but borrowers can apply proactively as well. Information is at www.independentforeclosurereview.com.

Not to worry. There can be no question about the integrity of the process, given the track record of those responsible fiscals.

No question at all.