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NJ Daily / FINANCE

California Dems Want Foreclosure Probes

October 5, 2010

House Speaker Nancy Pelosi, D-Calif., and 31 other House Democrats from California are calling for federal investigations into possible violations of law or regulations by financial institutions in their handling of delinquent mortgages, mortgage modifications, and foreclosures.

In a letter addressed to Attorney General Eric Holder, Federal Reserve Chairman Ben Bernanke, and Comptroller of the Currency John Dugan, the group is requesting investigations into systemic wrongdoing by financial institutions.

In their letter, the lawmakers describe having received thousands of complaints from their constituents, which they said appear to outline a clear pattern of misconduct on the part of lenders and servicers.

 

"The apparent pattern reported by our constituents leads us to conclude that their problems are not just personal anecdotes anymore. Recent reports that Ally Financial (formerly GMAC) and JP Morgan may have approved thousands of unwarranted foreclosures only amplify our concerns that systemic problems exist in the ways many financial institutions have dealt with homeowners who are seeking to avoid foreclosures," the letter states.

"It's clear that even after promising to work with borrowers, and receiving government incentives to do so, financial institutions are simply stringing the American people along," Rep. Zoe Lofgren, D-Calif., said in a statement. "After reviewing thousands of complaints from our constituents, it appears that we aren't dealing with isolated incidents and that a pattern of misconduct and obstruction is present."

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