Congresswoman Maxine Waters, D-Calif., sent a letter Tuesday to Christy Romero, Special Inspector General for the Troubled Asset Relief Program (SIGTARP), calling for an investigation of Bank of America's handling of borrowers who applied for modifications through the government's Home Affordable Modification Program.
Waters' letter comes after the mega bank was forced to address allegations from former employees who claim the company routinely stalled the application process for the government's HAMP program and wrongfully informed homewoners about the status of documents already on file.
News of HAMP issues prompted Waters to fire off a letter to Romero about BofA's status as one of the largest beneficiaries of incentive payments associated with HAMP.
"Bank of America has received $992 million in incentive payments related to HAMP, making them the second largest beneficiary of such payments." Waters wrote.
She continued, "While that figure pales in comparison to the other Troubled Asset Relief Program (TARP) funds that the bank has benefited from, I do think it represents a significant amount of assistance from taxpayer."
Waters also sent a letter to the Office of the Comptroller of the Currency and the Federal Reserve, requesting an investigation into whether these allegations against the banking giant interact with the Independent Foreclosure Review settlement reached between regulators and mortgage servicers in January.