Senate Banking Committee chairman Christopher Dodd, D-Conn., will hold a committee hearing Nov. 16 to review allegations of improper and fraudulent mortgage servicing and foreclosure processing by the nation's banking companies.
"American families should not have to worry about losing their homes to sloppy bureaucratic mismanagement or fraud,” said Sen. Dodd. “I am deeply troubled by recent revelations and allegations of practices by some of the nation’s largest lenders. Regulators at the federal, state, and local levels have a responsibility to uphold the law and protect consumers from unfair foreclosure, and lenders have a duty to not cut corners around the law.”
The committee has not released a witness list.
Separately, the ranking Republican on the banking committee has called on the federal banking regulators to investigate the foreclosure problems at Ally Financial, JP Morgan Chase and Bank of America.
Sen. Richard Shelby, R-Ala., wants the regulators to determine what occurred at those banks and report back to the committee "without delay."
