FIGHTING ON THE HOME FRONT: THE GROWING PROBLEM OF ILLEGAL FORECLOSURES AGAINST U.S. SERVICEMEMBERS

Democratic Staff Report Prepared for:

Senator John D. (Jay) Rockefeller IV
Chairman Committee on Commerce, Science, and Transportation

United States Senate Representative Elijah E. Cummings
Ranking Member Committee on Oversight and Government Reform United States House of Representatives

July 12, 2011

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© 2010-19 FORECLOSURE FRAUD | by DinSFLA. All rights reserved.

AN EXAMINATION OF ATTACKS AGAINST THE FINANCIAL CRISIS INQUIRY COMMISSION

Democratic Staff Committee on Oversight and Government
Reform U.S. House of Representatives

Prepared for Ranking Member Elijah E. Cummings July 13, 2011

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© 2010-19 FORECLOSURE FRAUD | by DinSFLA. All rights reserved.

June 21, 2011

The Honorable Darrell E. Issa
Chairman
Committee on Oversight and Government Reform
U.S. House of Representatives
Washington, DC 20515

Dear Mr. Chairman:

Today marks the six-month anniversary of my first letter to you requesting that the Committee investigate widespread and systemic abuses by mortgage servicing companies, including illegal foreclosures, inflated fees, and fraud against American homeowners. This is now my fourth letter to you on this subject.1

[…]

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Baltimore Sun-

Baltimore Rep. Elijah E. Cummings on Wednesday requested that the House Oversight Committee issue subpoenas to six banks he said have refused to voluntarily provide documents detailing their role in the mortgage foreclosure meltdown.

Cummings, the top-ranking Democrat on the committee who has made the foreclosure issue a top priority, said the documents are needed to help the committee determine how the foreclosure crisis unfolded. He said it is his first request for subpoenas since starting in the position in January.

U.S. Sen. Sherrod Brown (D-OH) introduced landmark legislation to prevent future servicer fraud and errors, improve foreclosure counseling and prevention, and reform oversight of mortgage-based investing. Brown, who chairs the Senate Banking Subcommittee on Financial Institutions and Consumer Protection, introduced the Foreclosure Fraud and Homeowner Abuse Prevention Act of 2011 which would expand access to foreclosure prevention services, while increasing protections for homeowners and investors in mortgage-backed securities. Companion legislation was introduced in the U.S. House of Representatives by Rep. Brad Miller (D-NC).

The Foreclosure Fraud and Homeowner Abuse Prevention Act of 2011 would:

• Protect homeowners from servicer errors, miscommunications, and abusive fees.
• End the rush to foreclosure and require servicers to work with homeowners to find sustainable mortgages.
• Improve standards for staffing and casework by mortgage servicers.
• Protect the interests of investors who buy securities backed by residential mortgages.
• Reform oversight of pools of securitized mortgages.

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