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When the chair of the House Oversight Committee asks, people may listen:
Rep. Edolphus “Ed” Towns (D-NY), Chairman of the House Committee on Oversight and Government Reform, today called on top U.S. mortgage lenders and banks to voluntarily suspend foreclosure proceedings in all 50 states and the District of Columbia until the banks complete internal investigations into their company’s mortgage servicing and foreclosure practices. The banks and lending institutions include CitiMortgage, JP Morgan Chase, Wells Fargo Home Mortgage, Bank of America, One West Bank, PHH Corporation, U.S. Bank Home Mortgage, Ally Financial, PNC Financial Services Group, and Sun Trust Mortgage.
You can read his letter request to Ally Financial (formerly GMAC Mortgage) here (pdf).
He has also written to New York’s state attorney general Andrew Cuomo (pdf) asking him to not only investigate the three banks who have admitted to having document problems, but to consider broadening that investigation to include ALL banks with mortgage foreclosures in New York.
Now that polling shows Cuomo with a healthy lead over Republican candidate Carl Palladino in the New York governor’s race, maybe he can spare a minute from campaign strategizing and assign some assistant attorneys general to start taking testimony. Florida’s assistant attorneys general in Florida seem to be doing a bang-up job.
5 Comments
Well, that might finally be some help for people in the non-judicial states with AGs and Governors who are asleep at the wheel.
They’re stupid for not being concerned about their constituent homeowners. Watch this snowball into a big re-election issue.
Following your splendid reporting here and thank you so much.
I remember so clearly William Black stating long before the bail outs that fraud was evident and that any tests of the market were bogus without taking the “true” valid line into perspective. Thank you for the continued reporting on this. I can’t wait until we see the whole ice berg…it’s becoming more and more evident but it’s clear that we have the big picture but this is going to come down to millions of loans with invalid balances, escrow account manipulations. In my case I was charged fees for cashing my checks electronically without any notice that they would be doing so!! The numbers on this are going to be astounding when it all comes out. Right now we are just looking at the forgery. At some point the more detailed information will come out.
Maybe this is really going to happen. I hope so. The amount of hurt people out there is in the many millions.
“suspend foreclosure proceedings in all 50 states and the District of Columbia until the banks complete internal investigations into their company’s mortgage servicing and foreclosure practices”
Just a technical error. We’ve straightened things out.
Don’t you love how Congress allows corporate criminals to investigate themselves now? Congress wouldn’t dare pull their mouths away from bankers cocks to conduct an impartial investigation. Excuse my crudeness but they deserve it. Serving their masters is a 24/7 job.