Investigation of Housing and Foreclosure Crisis
Washington, D.C. -- Today, Senator Elizabeth Warren (D-MA) and Rep. Elijah E. Cummings (D-MD) sent a letter to Federal Reserve Chairman Ben Bernanke and Comptroller of the Currency Thomas Curry seeking documents relating to their recent settlement with mortgage servicers that ended the Independent Foreclosure Review (IFR) process.
Washington, DC – Rep. Elijah E. Cummings, Ranking Member of the House Committee on Oversight and Government Reform, will speak Thursday morning at the Consumer Financial Protection Bureau's (CFPB) public field hearing on mortgage policy.
The event will also feature remarks by CFPB Director Richard Cordray and a panel discussion moderated by the bureau's Deputy Director Raj Date.
Washington, DC —Today, Rep. Elijah E. Cummings, Ranking Member of the House Committee on Oversight and Government Reform, issued the following statement regarding the public announcement of a new settlement between the Office of the Comptroller of the Currency (OCC), the Federal Reserve Board, and 10 mortgage servicers without first briefing the Oversight Committee as requested on a bipartisan basis last week:
Washington, DC — The Chairman and Ranking Member of the House Committee on Oversight and Government Reform, Reps. Darrell E. Issa and Elijah E. Cummings, sent a joint letter yesterday to Federal Reserve Chairman Ben Bernanke and Comptroller of the Currency Thomas Curry requesting a briefing as the agencies finalize a potential new settlement with 14 major mortgage servicing companies.
Washington, DC—Today, Rep. Elijah E. Cummings, Ranking Member of the House Committee on Oversight and Government Reform, issued the following statement in response to new guidelines issued by Fannie Mae and Freddie Mac effectively ending the use of the "retained attorney network" and requiring mortgage servicers to assume greater responsibility for selecting law firms that handle foreclosure cases:
Washington, D.C. – Rep. Elijah E. Cummings, Ranking Member of the House Committee on Oversight and Government Reform, issued the following statement in response to the lawsuit filed by the Department of Justice today seeking $1 billion from Bank of America, alleging the bank committed fraud by selling defective mortgages to Fannie Mae and Freddie Mac:
Washington, DC – Tomorrow, Wednesday, May 2, Congressman Elijah E. Cummings, Ranking Member of the House Committee on Oversight and Government Reform, will speak on the state of housing in Black America at a public issues forum hosted by the National Association of Real Estate Brokers.
Cummings and Tierney Question DeMarco's Statements to Congress; Request Direct Interviews with Fannie Officials
Washington, DC—Today, Rep. Elijah E. Cummings, Ranking Member of the House Committee on Oversight and Government Reform, and Committee Member John F. Tierney called on Edward DeMarco, the Acting Director of the Federal Housing Finance Administration (FHFA), to comply with previous requests for information about his refusal to allow Fannie Mae and Freddie Mac to utilize principal reductions to address the nation's housing crisis, even though his own data show they could save U.S. taxpayers billions of dollars.