WATCH: Trulia stages haunted house for unsuspecting homebuyers

Are record-low interest rates masking high-cost mortgage lending?

Five leading economists weigh in and the answer may surprise you

Auction.com partners with Google to predict housing trends

Nowcast will predict in real time
W S

Congressman Cummings expands abuse probe, asks 11 mortgage servicers for documents

/ Print / Reprints /
| Share More
/ Text Size+
Eleven mortgage servicers received letters from Rep. Elijah Cummings (D-Md.) this week as part of a nationwide investigation into alleged mortgage abuse practices. The congressman said the abuse allegations run the gamut from wrongful foreclosures to fraud in lending and unethical robo-signing practices. Cummings sent letters to Wells Fargo & Co. (WFC), SunTrust Bank Inc. (STI), Tew Cardenas LLP, U.S. Bancorp (USB), JPMorgan Chase (JPM), Ally Financial, Citigroup (C), MetLife Inc.(MET), PHH Mortgage (PHH), PNC Financial Services Group (PNC) and Bank of America Home Lending (BAC). Cummings also shipped a letter to the Special Inspector General for TARP demanding an audit of homeowner reports that allege abusive practices in the mortgage servicing sector. The congressman, who serves on the House Oversight Committee, also sent a haughty letter to the committee's chairman Rep. Darrell Issa (R-Calif.) this week blasting his decision to expand the scope of a Bank of America subpoena, which has the  potential to reveal the names of well-known policy makers who partook in Countrywide's "VIP and/or Friends of Angelo" mortgage lending program. The unofficial program was part of Countrywide's lending platform before it was acquired by Bank of America three years ago. Write to Kerri Panchuk.

Recent Articles by Kerri Panchuk

Comments powered by Disqus