“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