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Independent Foreclosure Review

Waters: Report on Foreclosure Review “Troubling”

| Posted in Press Releases

Congresswoman Maxine Waters, Ranking Member of the House Financial Services Committee, released the following statement in response to today’s GAO report on the Independent Foreclosure Review (IFR). The study was conducted as the result of a 2012 request by Congresswoman Waters, Senator Robert Menendez (D-NJ) and Reps. Brad Miller (D-NC) and Luis Gutierrez (D-IL). Waters released the following sta...

G.A.O. Report Sees Deeper Bank Flaws in Foreclosures

| Posted in In Case You Missed It

A new government report suggests that errors made by banks and their agents during foreclosures might have been significantly higher than was previously believed when regulators halted a national review of the banks’ mortgage servicing operations. When banking regulators decided to end the independent foreclosure review last year, most banks had not completed the examinations of their mortgage mod...

Top Democrats Demand Answers on Independent Foreclosure Review Process

| Posted in Press Releases

Waters, Warren, Cummings Call on OCC, Fed to Release Information on Mortgage Servicing Settlement strongIn the absence of a long-promised public report, leading Democratic Members of Congress have called on federal regulators to disclose critically important information related to the Independent Foreclosure Review (IFR) process for 14 mortgage servicers and the $9.3 billion settlement that abrupt...

Democrats Call on Regulators to Report on Foreclosure Review

| Posted in In Case You Missed It

WASHINGTON — Democratic lawmakers on Monday urged regulators to keep their promise to release a report by the end of the year that details an independent review of millions of borrowers who faced foreclosure. In a letter to Federal Reserve Board Chairman Ben Bernanke and Comptroller of the Currency Thomas Curry, Sen. Elizabeth Warren, Rep. Maxine Waters and Rep. Elijah Cummings said a public, deta...

Congressional Democrats Press for Details of Foreclosure Review Program

| Posted in In Case You Missed It

A trio of top Democrats are urging federal regulators to release details about their decision to end a foreclosure review process in favor of a nearly $10 billion settlement. Reps. Maxine Waters(Calif.) and Elijah Cummings (Md.) along with Sen. Elizabeth Warren (Mass.) sent a letter on Monday that "in the absence of a long-promised public report" about the Independent Foreclosure Review (IFR) proc...

Waters Calls for Investigation of Mortgage Servicers Who Benefitted by Misleading Borrowers Eligible for HAMP

| Posted in Press Releases

Congresswoman Maxine Waters, Ranking Member of the House Financial Services Committee, sent a letter today to Christy L. Romero, Special Inspector General for the Troubled Asset Relief Program (SIGTARP), calling for an investigation of Bank of America or any other mortgage servicer, who allegedly benefited by misleading borrowers eligible for the Home Affordable Modification Program (HAMP). Rankin...

Waters Introduces Bill to Reform the Use of Consultants in Banking Enforcement Consent Orders

| Posted in Press Releases

Congresswoman Maxine Waters, Ranking Member of the House Financial Services Committee, announced today that she has introduced legislation to reform the use of independent consultants in banking regulation and enforcement processes. She is joined by Representatives Elijah E. Cummings, Al Green and John Conyers, Jr. as original cosponsors. The Stop Outsourcing Banking Enforcement and Examination Ac...

Waters Responds to GAO Report - Calls the Independent Foreclosure Review Process “Flawed”

| Posted in Press Releases

Plans to Introduce Legislation to Address the Use of Consultants Congresswoman Maxine Waters, Ranking Member of the House Financial Services Committee, released the following statement today in response to a GAO report on the Independent Foreclosure Review. The study was conducted as the result of a request by Congresswoman Waters, Senator Robert Menendez, Congressman Brad Miller, and Congressman ...

Waters Raises Questions about Valuation of Fed-OCC Settlement with Mortgage Servicers; Requests Additional Information from Regulators

| Posted in Press Releases

Congresswoman Maxine Waters, Ranking Member of the House Financial Services Committee, today released a letter to Ben Bernanke, Chairman of the Federal Reserve, and Thomas Curry, Comptroller of the Currency, seeking additional, detailed information from the regulators about the termination of the Independent Foreclosure Review (IFR). Ranking Member Waters has been a leading advocate for foreclosur...

Waters Requests Hearing on Termination of Independent Foreclosure Review Process

| Posted in Press Releases

Congresswoman Maxine Waters, ranking member of the House Financial Services Committee, today sent the attached letter to Jeb Hensarling, chairman of the committee, requesting that he hold a hearing about the abrupt end of the Independent Foreclosure Review (IFR) process. On Jan. 7, the Office of the Comptroller of the Currency and the Federal Reserve Board announced a settlement in which 14 mortg...

Waters Requests Fed and OCC to Ensure that Settlement with Mortgage Servicers Provides Fair Compensation for Borrowers

| Posted in Press Releases

Congresswoman Maxine Waters, ranking member of the House Financial Services Committee, today released a letter to Ben Bernanke, chairman of the Federal Reserve, and Thomas Curry, comptroller of the currency, asking for detailed information about the abrupt termination of the Independent Foreclosure Review (IFR) process. Ranking Member Waters, a leading advocate for foreclosure prevention, has clo...

Ranking Member Maxine Waters Statement on Independent Foreclosure Review Settlement

| Posted in Press Releases

Congresswoman Maxine Waters (CA-43), Ranking Member of the Financial Services Committee, issued the following statement today regarding the $8.5 billion foreclosure review settlement between the OCC, the Federal Reserve Board and ten mortgage servicers: "The settlement announced today between the Office of the Comptroller of the Currency (OCC) and the Federal Reserve Board and ten major mortgage s...

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