Maloney urges faster checks to homeowners, monthly updates on mortgage settlements in letter to regulators
“The IFR process has gone on for far too long. Millions of injured borrowers have been left waiting for years. That is unacceptable and it needs to end.”
WASHINGTON, D.C. – April 8, 2013 – (RealEstateRama) — Rep. Carolyn Maloney (D-NY), senior member of the House Financial Services committee and Ranking Member of its Capital Markets Subcommittee, today wrote the Comptroller of the Currency and the Chairman of the Federal Reserve following a recently released GAO report on the Independent Foreclosure Review (IFR) process and the regulators’ disclosure in late March that it would be an additional four to eight weeks before these borrowers receive payments under the IFR settlement with major banks announced in January.
In her letter, Maloney urged that the regulators devote “additional resources to this effort so that desperately needed assistance to injured homeowners can finally begin… The IFR process has gone on for far too long. Millions of injured borrowers have been left waiting for years. That is unacceptable and it needs to end.”
In addition, Maloney asked that both regulators begin to provide monthly status updates to members of the House Financial Services and Senate Banking Committees, with solid numbers on how much direct assistance has been paid to injured borrowers in each state, how many injured borrowers in each state received direct assistance, the value and type of other assistance, such as loan modifications and forgiveness of deficiency judgments, that has been provided to injured borrowers in each state, and how many borrowers in each state have received each type of assistance.
Regulators’ March 22 letter to Maloney: maloney.house.gov/sites/maloney.house.gov/files/documents/financial/fininstitutions/20130322MaloneyResponseOCC.pdf
Maloney’s April 8 letter to regulators: maloney.house.gov/sites/maloney.house.gov/files/documents/financial/fininstitutions/20130408OCCFEDFollowup.pdf
No related posts.
- At Gillibrand & Schumer’s Urging, Feds Lift Restrictions for Hundreds of Sandy Homeowners Currently Disqualified for Disaster Aid
- SCHUMER TO FEDS: WHEN IT COMES TO SANDY RECOVERY, DON’T FORGET ABOUT THE NORTH SHORE – CRITICAL SANDY REBUILDING PROJECTS HAVE NOT BEEN FUNDED BY FEDS IN TOWN OF NORTH HEMPSTEAD
- Governor Cuomo Announces $95 Million to Build Affordable Housing Across the State
- Mangano: IDA Helps Bring Much Needed Rental Housing Options To Nassau County
- Governor Cuomo Highlights New York State Budget in Monroe County
- A.G. Schneiderman Secures Agreement With Major Commercial Real Estate Company To Ensure Equal Access To Its Shopping Center Parking Lots
- NYCOM Conference, Ribbon Cuttings and Equity Fund Forum Highlight Trip to Finger Lakes Region
- CKX Declares December 31st Record Date for Dividend of FX Real Estate and Entertainment Shares
- Jones Lang LaSalle Hires Seasoned Industrial Real Estate Professionals to Strengthen Client Services in Long Island
- First Affordable Housing Development in Brooklyn with Solar Panels
- “Green” Forum Highlights 545 Madison Avenue as Showcase of Sustainability
- New York State Senate Confirms Bill Myers to the Board of the State of New York Mortgage Agency
- New York State home sales continue to post gains compared to 2009
- Gillibrand Introduces Solar Energy Legislation
- HDC Board Approves $55.5 Million in Tax-Exempt Multi-family Housing Revenue Bonds
- Diversity Works’ Unique Model Combines Permanent Supportive Housing and Family Preservation Services