Waters Asks for Investigation Into B of A Foreclosure Tactics

June 19, 2013
American Banker 
mortgage lending news

Rep. Maxine Waters (D-Calif.) has approached top financial regulators about launching an investigation into claims -- aired in a recent Bloomberg story -- that Bank of America deliberately stalled distressed homeowners from entering the Home Affordable Modification Program. "The goal of the delay, according to the article, was to ensure that rather than receiving a HAMP modification, the borrower would be foreclosed upon," Waters wrote in letters to TARP special inspector general Christy Romero, Fed Chairman Ben Bernanke, and Comptroller of the Currency Thomas Curry. "It goes without saying that this is an outright abuse of consumers and government mortgage assistance programs."
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