Maloney urges faster checks to homeowners, monthly updates on mortgage settlements in...

Maloney urges faster checks to homeowners, monthly updates on mortgage settlements in letter to regulators

3

“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.

Background.

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

SHARE

3 COMMENTS

  1. Thank you so very Much Rep. C. Maloney !!!!!! A voice who knows our “”HURT””. A home that I owned debt free for 16 years…I lost behind a loan under Wellsfargo to pay for Chemo Therapy. I lost my home from a 3 year loan. Unbelievable.
    Rep. Maloney…the settlement check is needed so badly for me to get on my feet. Thank you so much!!

LEAVE A REPLY

Previous articleBellone Announces Suffolk County Sewer Infrastructure Program
Next articleREP. ENGEL ANNOUNCES OVER $100,000 IN HOMELAND SECURITY FIRE DEPARTMENT GRANTS FOR PELHAM MANOR