Senator Richard Shelby, R-Ala., ranking Republican on the Senate Banking Committee, is calling on federal regulators to investigate the foreclosure problems at three major banks and report back to the committee.
"The federal banking regulators should immediately review the mortgage servicing and foreclosure activities of Ally Financial, JPMorgan Chase and Bank of America," he said in a statement.
Shelby's call for action follows in the footsteps of similar pleas made by House Speaker Nancy Pelosi, and a growing number of politicians as election day nears.
Shelby said he wants regulators to "determine exactly what occurred at these institutions" and report back to the committee "without delay."
Senate Banking Committee chairman Christopher Dodd, D-Conn., plans to hold hearings on the servicing and foreclosure practices of mortgage bankers, focusing on recent allegations of fraud and ensuing moratoriums. (Sen. Dodd is not running for re-election.)
But the committee's hearings will be held after Congress returns from the November 2 elections, a committee spokesman said.
Meanwhile, Department of Justice has directed the interagency Financial Fraud Enforcement Task Force to look into the foreclosure mess.
"We are aware of the charges that have surfaced in newspapers in the last couple of days. We are looking at them, but we cannot say much more than that, though," Attorney General Eric Holder said at a press conference late Wednesday.
