Cummings seeks bank subpoenas on foreclosure crisis

Baltimore Rep. Elijah E. Cummings on Wednesday requested that the House Oversight Committee issue subpoenas to six banks he said have refused to voluntarily provide documents detailing their role in the mortgage foreclosure meltdown.

Cummings, the top-ranking Democrat on the committee who has made the foreclosure issue a top priority, said the documents are needed to help the committee determine how the foreclosure crisis unfolded. He said it is his first request for subpoenas since starting in the position in January.

“The foreclosure crisis has had devastating consequences for communities across the country and continues to threaten our nation’s economic recovery,” Cummings said in a statement Wednesday. “The banks have admitted wrongdoing, and yet they are now refusing to provide Congress with documents that are critical to our investigation.”

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