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."
Web Link -
May Require Paid Subscription

Abstract News © Copyright 2008-2013 INFORMATION, INC.
Powered by Information, Inc.

Stay Updated

Join the fight against predatory lending. Enter your e-mail to sign up for breaking news, action alerts, and CRL's original research.

   Please leave this field empty

Help Us End Predatory Lending

Predatory lending destroys family wealth, and preys on our most vulnerable communities. You can help us end abusive lending practices by donating to CRL, or by sharing our work with others.