Subcommittee | FORECLOSURE FRAUD | by DinSFLA

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Testimony of Joshua Rosner before the Subcommittee on TARP, Financial Servicer and Bailouts of Public and Private Programs

Testimony of Joshua Rosner before the Subcommittee on TARP, Financial Servicer and Bailouts of Public and Private Programs


Testimony of Joshua Rosner before the Subcommittee on TARP, Financial Servicer
and Bailouts of Public and Private Programs.

“Has Dodd-Frank Ended Too Big to Fail?” –
2154 Rayburn House Office Building

March 30, 2011

Almost three years have passed since the United States financial system shook, began to seize up, and threatened to bring the global economy crashing down. The seismic event followed a long period of neglect in bank supervision led by lobbyist-influenced legislators, “a chicken in every pot” administrations, and neutered bank examiners.

[…]

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[Image: Bloomberg]

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Testimony of Alan Jones Operations Manager Wells Fargo Home Mortgage Servicing

Testimony of Alan Jones Operations Manager Wells Fargo Home Mortgage Servicing


Testimony of
Alan Jones
Operations Manager
Wells Fargo Home Mortgage Servicing
Before the
Subcommittee on Housing and Community Opportunity House Financial Services Committee
U.S. House of Representatives
November 18, 2010

As a company, Wells Fargo has followed three fundamental tenets:

  • First, we view foreclosure as a measure of last resort. In unfortunate cases where a customer simply cannot afford the property, even with a modification, we actively look at other remedies – such as short sales – to prevent foreclosure and protect the surrounding community.
  • Second, we hold ourselves accountable for the quality of our foreclosure data and we work to ensure our borrowers are protected from wrongful foreclosures.
  • And third, we understand the necessity of having procedures that ensure our documents comply with industry regulations, as well as federal and state laws.

Continue..

[ipaper docId=43160131 access_key=key-hhzo42k2ei0jk2kfh1l height=600 width=600 /]

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TESTIMONY OF REBECCA MAIRONE DEFAULT SERVICING EXECUTIVE BANK OF AMERICA HOME LOANS

TESTIMONY OF REBECCA MAIRONE DEFAULT SERVICING EXECUTIVE BANK OF AMERICA HOME LOANS


TESTIMONY OF
REBECCA MAIRONE
DEFAULT SERVICING EXECUTIVE
BANK OF AMERICA HOME LOANS
Before the
HOUSE FINANCIAL SERVICES
HOUSING AND COMMUNITY OPPORTUNITY SUBCOMMITTEE
WASHINGTON, DC
NOVEMBER 18, 2010

Excerpt:

When industry concerns arose with the foreclosure affidavit process, we took the step to stop foreclosure sales nationwide and launch a voluntary review of our foreclosure procedures. Thus far, we have confirmed the basis for our foreclosure decisions has been accurate. At the same time, however, we have not found a perfect process. There are areas where we clearly must improve, and we are committed to making needed changes.

We’ve also used this opportunity to further evaluate our modification program and identify additional enhancements we can make. We have done this based on feedback from you, our customers, community groups, investors, and from our regulators. We also are committed to a constructive dialogue with State Attorneys General, who have taken a leadership role on these issues.

Continue reading…

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Testimony of Stephanie Mudick JPMorgan Chase Committee on Financial Services Subcommittee on Housing and Community Opportunity United States House of Representatives November 18, 2010

Testimony of Stephanie Mudick JPMorgan Chase Committee on Financial Services Subcommittee on Housing and Community Opportunity United States House of Representatives November 18, 2010


Testimony of Stephanie Mudick JPMorgan Chase Committee on Financial Services
Subcommittee on Housing and Community Opportunity United States House of Representatives November 18, 2010

Introduction
Chairwoman Waters, Ranking Member Capito, and Members of the Committee, thank you for inviting me to appear before you today. My name is Stephanie Mudick, and I am the head of the Office of Consumer Practices at JPMorgan Chase. I am grateful for the opportunity to discuss Chase’s loan servicing business, our wide-ranging efforts to enable borrowers to keep their homes and avoid foreclosure where possible, and the recent issues that have arisen relating to affidavits filed in connection with certain foreclosure proceedings.

JPMorgan Chase is committed to ensuring that all borrowers are treated fairly; that all appropriate measures short of foreclosure are considered; and that, if foreclosure is necessary, the foreclosure process complies with all applicable laws and regulations. As I will discuss in detail later in my testimony, we regret the errors that we have discovered in our processes, and we have worked hard to correct these processes so that we get them right. We take these issues very seriously.

Chase services about nine million mortgages across every state, representing over $1.2 trillion in loans to borrowers. In our role as servicer, we are responsible for administering loans on behalf of the owner of the loan, which sometimes is Chase itself, but more often is someone else – a government-sponsored enterprise (GSE), a government agency (such as the Federal Housing Administration or the Department of Veterans Affairs), a securitization trust, or another private investor.

I will first discuss Chase’s extensive efforts to help borrowers avoid foreclosure and then discuss the issues that led to our temporary halt to some foreclosures, as well as Chase’s enhanced procedures for the foreclosure process.

Continue reading…

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