Congressional Democrats Want Answers on Foreclosure Review
November 22, 2013 1:21 PM
Raising concerns
Three Congressional Democrats, including Rep. Maxine Waters, D.-Calif., are upset with the Federal Reserve and the Office of the Comptroller of the Currency over the lack of a report on the Independent Foreclosure Review Process. So they have sent a letter to the agencies demanding information.(Photo: Bloomberg News)
Who has gotten a check?
The number of borrowers who have received and cashed checks is being sought, as well as information about checks which have not yet been cashed, says the letter, also signed by Sen. Elizabeth Warren, D-Mass.(Photo: Bloomberg News)
Criminal referrals
Has there been any referrals to the Department of Justice for alleged criminal violations by servicers, especially regarding violations of the Servicemembers Civil Relief Act, asks the letter signed by Rep. Elijah Cummings, D.-Md.(Photo: Bloomberg News)
Releasing information
Also being sought is the information which has been or will be released to borrowers whose foreclosure files were reviewed or a justification on why the information is being withheld.(Credit: Fotolia)
Compliance with action plans
Information about efforts by the Fed and OCC to ensure compliance by servicers with action plans is another item the letter writers want to obtain.(Credit: Fotolia)
Sharing infomation
A description of information sharing efforts between the Fed, OCC, the Consumer Financial Protection Bureau and the Office of Monitor of the National Mortgage Settlement is also being requested.(Credit: Fotolia)
