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California Lawmakers Call for Mortgage Foreclosure Investigation

4 years ago
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House Speaker Nancy Pelosi, Rep. Zoe Lofgren, and other California Democrats are calling on the Obama administration to investigate charges that some of the nation's largest mortgage lenders systematically mishandled thousands of home foreclosures.

In a letter Monday to Attorney General Eric Holder, Federal Reserve Chairman Ben Bernanke, and U.S. Comptroller John Walsh, the lawmakers urged the officials to look into allegations of improper foreclosures conducted by Bank of America, J.P. Morgan Chase and Ally Financial, The Washington Post reported.

"We urge you and your respective agencies to investigate possible violations of law or regulations by financial institutions in their handling of delinquent mortgages, mortgage modifications, and foreclosures," the letter said, adding that there are "concerns that systemic problems exist."

Meanwhile another Democratic lawmaker wants to know why regulators didn't discover foreclosure problems sooner.

The Post said Sen. Robert Menendez (D-N.J.) has asked the Government Accountability Office to investigate "the role of all government entities -- including federal regulators involved in overseeing mortgage servicing companies and affiliated banks -- and identify any regulatory problems that may have permitted this misconduct to occur without detection until now."

Filed Under: Nancy Pelosi, Economy

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