Angelo Mozilo

The woeful inadequacies of self-policing mortgage servicing 

At the Mortgage Bankers Association annual convention this week in Atlanta, there remains a huge question mark of what exactly Dodd-Frank is meant to accomplish. Here’s the rub: for all the act’s good intentions, it appears to leave mortgage servicing in the same suspended state of self-policing that was prevalent in the boom and bust — years before the legislation’s recent passage into law. Actually, it’s worse than that.