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.
Most Popular Articles
The FDIC announced Wednesday that it reached a settlement with HomeStreet Bank after an investigation found that HomeStreet had paid kickbacks to real estate agents and homebuilders in exchange for their mortgage business.
Arizona-based iBuyer Offerpad recently announced its latest feature, one that allows homebuyers to customize their homes before moving in. According to company, consumers, upon selecting an available listing through the company’s app or website, will be able to select and visualize customization options.