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Rep. Maxine Waters, the top Democrat on the House banking panel, is asking Rep. Jeb Hensarling, the committee's chairman, to hold a hearing with regulators on the $8.5 billion mortgage servicer settlement announced last month that ended the troubled independent foreclosure review.
February 5 -
Democratic lawmakers, including Sen. Elizabeth Warren and Rep. Maxine Waters, are asking regulators for more detail on a recent settlement with mortgage servicers that halted an independent foreclosure review started last spring.
January 31
WASHINGTON — Rep. Maxine Waters, the lead Democrat on the House Financial Services Committee, has asked regulators for more information related to a $9.3 billion settlement with mortgage servicers announced earlier this year.
The California Democrat asked Federal Reserve Board Chairman Ben Bernanke and Comptroller of the Currency Thomas Curry in a Feb. 15 letter for additional information about certain consultants involved in the independent foreclosure review, which was halted in the wake of the landmark settlement.
The information requested included documents on how reviews were to be conducted, data on error rates of reviewed loans and on errors made by analysts reviewing files. She also asked for any guidelines issued by the agencies to consultants related to the remediation framework, among other issues.
The query follows on an earlier letter sent by Waters late last month, asking for details about how the settlement came about and the potential impact on borrowers. She's asked the banking panel to hold a hearing on the servicer agreement in light of some of these concerns, but it's not clear whether it will.
"The opaque nature of the consent order process and resulting agreement in principle raises many questions about the validity of the IFR and the appropriateness of settlement figures discussed in the news," said Waters in the most recent letter, which was released Tuesday.
She's asked regulators for a response by March 1.
