Sen. Chris Dodd, D-Conn., chairman of the Senate Banking Committee, says his committee will hold a hearing on Nov. 16 to investigate the charges of fraud and mismanagement relating to foreclosure processing and mortgage servicing by the nation's leading financial institutions.
‘American families should not have to worry about losing their homes to sloppy bureaucratic mismanagement or fraud,’ Dodd says. ‘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.’
SOURCE: Senate Banking Committee