Elizabeth Warren Demands For More Transparency On Failed Foreclosure Reviews
Ben Hallman, Huffington Post
Three influential lawmakers on Thursday called for bank regulators to disclose more details of the $8.5 billion foreclosure abuse settlement reached earlier this month and to reveal what happened during the case-by-case review program it abruptly replaced.
In a letter to the Office of the Comptroller of the Currency and the Federal Reserve, Sen. Elizabeth Warren (D-Mass.) and Rep. Elijah Cummings (D-Md.) wrote that “additional transparency” was necessary to ensure the confidence necessary “to speed recovery in the housing markets.” They asked regulators to turn over the results of the performance reviews of the independent contractors hired to examine the loan files, as well as detailed information about the reviews’ preliminary results, to determine the extent of the harm to the 500,000 people who applied to the program.
In a separate letter, Rep. Maxine Waters (D-Calif.) called the sudden end of the foreclosure reviews “troubling” and asked that an independent monitor be named to oversee the new deal.