Banking and Bailouts
More on Banking and Bailouts
Washington, DC – Today, Ranking Member Elijah E. Cummings sent a letter to Federal Housing Finance Agency (FHFA) Acting Director Edward DeMarco requesting information about $150 million in fees that Fannie Mae and Freddie Mac imposed on mortgage servicing companies last year for failing to conduct foreclosures fast enough.
Washington, DC – Today, Ranking Member Elijah E. Cummings sent a letter to Chairman Issa requesting that he invite Edward DeMarco, the Acting Director of the Federal Housing Finance Agency (FHFA), to testify at the Committee's hearing on executive compensation at Fannie Mae and Freddie Mac on November 16, 2011.
Washington, DC—Ranking Member Elijah E. Cummings issued the following statement on a new GAO report issued regarding AIG. The report found inconsistent accounts of attempts by the Federal Reserve Bank of New York to negotiate with AIG's counterparties to lower U.S. taxpayer exposure.
Washington, DC – Describing new evidence of illegal foreclosures, inflated fees, and other widespread abuses, Ranking Member Elijah E. Cummings wrote to Chairman Darrell Issa today to request that the Committee issue subpoenas to require mortgage servicing companies to produce previously-requested documents.
Washington, DC – Ranking Member Elijah E. Cummings requested today that Chairman Darrell Issa hold a Committee hearing on the issue of corporate executive compensation after a report reveals that 25 of the top 100 CEOs received more in compensation last year than their company paid in 2010 federal income taxes.
On Monday, July 18th, Ranking Member Elijah E. Cummings thanked Chairman Darrell E. Issa for agreeing to conduct a thorough, bipartisan investigation of illegal foreclosures, inflated fees, and other abuses against U.S. servicemembers and their families. Cummings provided Issa with drafts of joint letters to ten of the nation's largest mortgage servicing companies: Ally Financial, Bank of America Home Loans, Citigroup, JP Morgan Chase & Co., MetLife, Inc., PHH Mortgage, PNC Financial Services Group, Inc., SunTrust Banks, Inc., U.S. Bancorp, and Wells Fargo & Company.
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Washington, DC – Ranking Member Elijah E. Cummings issued a forty-page investigative report today regarding the Financial Crisis Inquiry Commission (FCIC).
Chairman Issa launched an investigation into the activities of the FCIC a year ago, alleging improprieties by the Democratic Commissioners and staff, including "conflicts of interest," and "extensive ties" to "partisan Democratic politics."