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

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

WASHINGTON – 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 closely monitored the IFR process since its inception in early 2011. Designed to investigate abuses by mortgage servicers, the IFR process abruptly came to an end on Jan. 7th when the Office of the Comptroller of the Currency and the Federal Reserve reached a tentative $8.5 billion settlement with ten mortgage servicing companies.

Because the details of the final settlement are still being negotiated, Congresswoman Waters requested that it contain specific provisions including a minimum amount for principal reductions, an escalation process for homeowners, and the prevention of foreclosures for the 4.4 million eligible borrowers who are still in their homes. She also requested that the settlement provide for greater transparency, tighter oversight, and the collection of detailed data.

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Copy of the letter below…

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4closureFraud.org

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Letter to The Fed

Comments
3 Responses to “Rep Waters Requests Fed and OCC to Ensure that Settlement with Mortgage Servicers Provides Fair Compensation for Borrowers”
  1. BOBBI SWANN says:

    Sorry, these letters do nothing and go nowhere! As stated before, it’s just lip service meant to aide them in their re-election campaign to the stupid sheeples who elected them in the first place.

  2. Yves Smith did an excellent report on B of A’s execution of the “independent” foreclosure review. It’s in 4 or 5 parts, here’s a link:
    http://www.nakedcapitalism.com/2013/01/bank-of-america-foreclosure-reviews-whistleblowers-provide-extensive-evidence-of-borrower-harm-and-orchestrated-coverup.html

  3. anotherbrickwall says:

    Comon let’s make it happen judges!!!! yes what steps have been taken Mr Bernake??!!! We will see where this leads Once Again we are watching and waiting and I have to say the people that are awake are getting more clever and learned in this field of mortgage “lack of proper business”!!! And what is “indirect relief” by the glorious Fed as stated here… humm maybe pay offs as this seems to be the nature of the beast for some time now, see what happens when people are fed lie after lie, No Trust ?? just wondering here, Ya know I just had to quit reading some of it as my hopes have been dashed toooooo many times. We will see, in time. Oh principle reduction …no said Demarco…who is the keeper of the peoples money/property once know as equity here?… No One …just thieves running a muck!! About to be TWO years here on this one little issue of restitution and still nothing so we are asking??? put them in jail for pets sake, where they belong. Probably just another big pay off with the peoples hard earned $$$$$$$$$$. Honestly this is BS. This pretty please crap is nothing, just feeding the public more lip service and stalling while “they” continue to ruin lives.

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