Warren And Cummings Question Regulators On Foreclosure Settlement

Posted by Orb Staff on February 01, 2013 No Comments
Categories : Mortgage Servicing

13221_dollar_clock Warren And Cummings Question Regulators On Foreclosure Settlement Sen. Elizabeth Warren, D-Mass., and Rep. Elijah Cummings, D-Md., have sent a letter to the heads of the Federal Reserve and the Office of the Comptroller of the Currency (OCC) asking to examine the documents that detail how the regulators came to reach settlements with 13 mortgage servicers over charges of faulty foreclosure processes.

‘It is critical that the OCC and the Federal Reserve disclose additional information about the scope of the harms found to establish confidence in the sufficiency and integrity of the settlement,’ said Warren and Cummings in their letter.

Bloomberg News reports that the letter echoes a previous letter sent by Rep. Maxine Waters, D-Calif., the ranking member of the House Financial Services Committee, to the Federal Reserve and OCC. Waters stated that ‘many questions remain’ on the settlement process and called for an independent monitor to coordinate the new settlements.

Warren and Cummings set a Feb. 22 deadline for a response. Neither the Federal Reserve nor the OCC publicly responded to either letter.

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