Federal Reserve board did not vote on foreclosure pact -letter

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Federal Reserve board did not vote on foreclosure pact -letter

Federal Reserve board did not vote on foreclosure pact -letter

Reuters-

U.S. Federal Reserve staff approved a multibillion dollar foreclosure settlement with banks earlier this year without a formal vote of the board governors, a top Fed official wrote in a letter to Congress.

Federal regulators reached settlements worth about $9.3 billion with 13 banks earlier this year to end case-by-case reviews of whether they had wrongly seized homes.

Senator Elizabeth Warren of Massachusetts, a Democrat who sits on the banking committee, and Representative Elijah Cummings of Maryland, who is the top Democrat on the House Oversight Committee, asked regulators for more information in January about the reviews after the settlements were announced.

[REUTERS]

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