Investigation of Housing and Foreclosure Crisis
Washington, D.C.—Rep. Elijah E. Cummings, the Ranking Member of the House Committee on Oversight and Government Reform, issued the following statement in response to today's announcement of a multi-billion dollar settlement relating to widespread and illegal abuses by mortgage servicing companies:
Washington, DC —Today, Rep. Elijah E. Cummings, Ranking Member of the House Committee on Oversight and Government Reform, sent a letter to Chairman Darrell Issa asking why he directed the law firm responding to his subpoena for the files of Members of Congress who received Countrywide "VIP" loans to conceal their identities before turning over any additional documents to the Committee.
Washington, DC (Jan. 23, 2012) – Today, Rep. Elijah E. Cummings, Ranking Member of the House Committee on Oversight and Government Reform, sent a letter to Chairman Darrell Issa renewing his requests to call top executives from the nation's biggest mortgage banks to testify and issue subpoenas for documents relating to widespread foreclosure abuses.
Washington, DC—Today, Rep. Elijah E.
Washington, D.C. – Rep. Elijah E. Cummings, Ranking Member of the House Committee on Oversight and Government Reform, issued a statement today commending Fannie Mae and Freddie Mac for extending to 12 months the period during which unemployed Americans with mortgages owned or guaranteed by Fannie Mae or Freddie Mac may defer payments while they continue to look for employment.
Washington, DC —The President of the New York Federal Reserve Bank today called for much more aggressive action to address the nation's housing crisis, including a targeted program to reduce the principal of certain mortgages in order to bolster the nation's economic recovery and serve the long-term interests of U.S. taxpayers.
Washington, D.C. —Rep. Elijah E. Cummings, Ranking Member of the House Committee on Oversight and Government Reform, and Rep. Dennis Kucinich, Ranking Member of the Subcommittee on Regulatory Affairs, Stimulus Oversight and Government Spending, issued the statements below on a new report by the Government Accountability Office (GAO) finding that banks are not properly maintaining a growing number of vacant and foreclosed properties nationwide.
Washington, DC – Today, Rep. Elijah E.
Washington, DC (Nov. 22, 2011)—Ranking Member Elijah E. Cummings released the following statement today regarding the public release of highly redacted "engagement letters" between mortgage servicing companies and independent consultants they hired to review past foreclosure abuses:
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.