Conn. Senator Richard Blumenthal announces an investigation on abusive bank and servicer practices

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Conn. Senator Richard Blumenthal announces an investigation on abusive bank and servicer practices

Conn. Senator Richard Blumenthal announces an investigation on abusive bank and servicer practices

Blumenthal Announces Measures to Aid Homeowners, Crack Down on Abusive Practices by Mortgage Services

Monday, July 11, 2011

(Hartford, CT) –Senator Richard Blumenthal today joined with mortgage foreclosure advocates and Bristol resident Janet Driscoll to announce an investigation into the troubling practices of mortgage servicers.

“The rate of foreclosure and families that struggle with their mortgage payments is one of the single largest barriers to economic recovery that we still see today. Homeowners deserve a fair-shake and my office is committed to assisting homeowners, like Janet, who have experienced first-hand the demoralizing effects of impending foreclosure at the hands of poor mortgage servicing practices,” said Blumenthal. “This investigation will ask the tough questions to bring about real changes to this broken system so that people can no longer be given the run-around when trying to stay in their homes.”

The investigation that will be conducted through the Senate Judiciary Committee will ask top mortgage servicers to examine the policies and procedures in place at top mortgage servicers that affect mortgage foreclosures, as well as practices and policies at those institutions related to filing proofs of claim in the bankruptcy courts.

I believe today that it’s because of the Senator’s office that my family still has their home,” said Janet Driscoll, a Bristol homeowner who Blumenthal’s office recently helped avoid foreclosure.

During his first 7 months in office, Blumenthal has been an aggressive supporter of a number of legislative measures that seek to address the foreclosure crisis. This past June, he joined with other lawmakers in writing to the Office of the Comptroller of the Currency, urging them to work with State Attorneys General and other federal agencies while they look into lapses in the foreclosure procedure.

Senator Blumenthal is working with many of his Senate colleagues to level the playing field for those struggling in these tough economic times. He is pursuing a number of measures that will alleviate some of the pressure on home owners and restrict the abusive practices of banks and servicers:

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Press Contact

Kate Hansen (202) 224-2823 or Lily Adams (860) 258-6942

Kate_Hansen@blumenthal.senate.gov ; Lily_Adams@blumenthal.senate.gov

source: http://blumenthal.senate.gov

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