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Servicing / The Ticker

Democrats criticize banking regulators over foreclosure settlement report

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A group of Democratic lawmakers aren't happy with regulators' failure to publish a report on their decision to halt foreclosure investigations, and instead agree to a multi-billion dollar settlement, according to a report at the Wall Street Journal.

From the letter:

Reps. Maxine Waters (D., Calif.), Elijah Cummings (D., Md.) and Sen.Elizabeth Warren (D., Mass.) say the regulators have not provided enough information on why the review was shut down, how consultants performed and how payments to borrowers are being divvied up.

Due to this lack of information, they wrote, “we could not assess whether the settlement amount and terms were adequate, whether it was appropriate for the mortgage servicers themselves to decide how to compensate the borrowers they harmed, and whether the outside consultants hired by the servicers collected and analyzed accurate information.”

Source: WSJ
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