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Senate’s Warren Seeks Regulator Documents on Foreclosure Accord

U.S. Senator Elizabeth Warren and
Representative Elijah Cummings have asked banking regulators to
produce documents to show what was behind this month’s
settlements with 13 mortgage servicers for faulty foreclosures.

“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,” the two Democratic lawmakers wrote in a
letter to Federal Reserve Chairman Ben S. Bernanke and
Comptroller of the Currency Thomas Curry dated today.

Warren and Cummings are seeking documents that outline the
scope of harm to borrowers in the foreclosure missteps of 2009
and 2010, and for demographic details about the borrowers. They
are also asking for information on the performance and pay of
independent consultants that the regulators ordered the
servicers to hire in 2011 to review the foreclosures.

Warren, of Massachusetts, was a special adviser to
President Barack Obama who set up the Consumer Financial
Protection Bureau. Cummings, of Maryland, had criticized the
settlement plan before it was announced, and said that it could
allow “banks to skirt what they owe and sweep past abuses under
the rug.”

The lawmakers are asking that the documents be delivered by
Feb. 22.

To contact the reporter on this story:
Jesse Hamilton in Washington at
jhamilton33@bloomberg.net.

To contact the editor responsible for this story:
Maura Reynolds at mreynolds34@bloomberg.net.

Article source: http://www.bloomberg.com/news/2013-01-31/senate-s-warren-seeks-regulator-documents-on-foreclosure-accord.html

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