Foreclosure Settlement With Banks Questioned by U.S. Lawmakers
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Leaders of the House Oversight and Government Reform Committee are questioning a settlement pending between U.S. banking regulators and mortgage servicers to close a years-long review of mortgage servicers’ foreclosure misdeeds.
Committee Chairman Darrell Issa, a California Republican, and the panel’s ranking Democrat, Elijah Cummings of Maryland, sent a letter to the Office of the Comptroller of the Currency and Federal Reserve today asking for more information about how homeowners would be affected by a proposed settlement with 14 mortgage servicers, including JPMorgan Chase & Co., Bank of America Corp. and Citigroup Inc..