House Committee To Investigate Servicing In November

The House Subcommittee on Housing and Community Opportunity will hold a hearing on the foreclosure crisis upon reconvening in November. The hearing is scheduled for Nov. 18 – two days after the Senate Banking Committee's hearing on the matter.

The hearing will investigate problems that have recently surfaced in the mortgage servicing industry, including improper and illegal foreclosures, according to the subcommittee's chairwoman, Rep. Maxine Waters, D-Calif.

Waters this week has criticized Bank of America and GMAC Mortgage for moving forward on some foreclosures. On Oct. 12, GMAC provided an update on its servicing processes, in which the company announced that as foreclosure files are ‘reviewed, and remediated when needed, the foreclosure process resumes.’ Bank of America announced Monday its plans to resume judicial foreclosures next week.

In a statement, Waters says she is ‘disappointed by Bank of America's rush to resume foreclosures after such a short review that calls into question how it could examine more than 100,000 mortgages so quickly.’

SOURCE: Office of Rep. Maxine Waters


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