Home Loans and Support

NY Rep Maloney Demands the Feds Release Independent Foreclosure Review Funds

(Source: Rep. Carolyn Maloney) – Rep. Carolyn Maloney (D-NY), senior member of the House Financial Services committee and Ranking Member of its Capital Markets Subcommittee, today wrote the Comptroller of the Currency and the Chairman of the Federal Reserve following a recently released GAO report on the Independent Foreclosure Review (IFR) process and the regulators’ disclosure in late March that it would be an additional four to eight weeks before these borrowers receive payments under the IFR settlement with major banks announced in January.

In her letter, Maloney urged that the regulators devote “additional resources to this effort so that desperately needed assistance to injured homeowners can finally begin… The IFR process has gone on for far too long. Millions of injured borrowers have been left waiting for years. That is unacceptable and it needs to end.”

In addition, Maloney asked that both regulators begin to provide monthly status updates to members of the House Financial Services and Senate Banking Committees, with solid numbers on how much direct assistance has been paid to injured borrowers in each state, how many injured borrowers in each state received direct assistance, the value and type of other assistance, such as loan modifications and forgiveness of deficiency judgments, that has been provided to injured borrowers in each state, and how many borrowers in each state have received each type of assistance.

Background.

Regulators’ March 22 letter to Maloney: maloney.house.gov/sites/maloney.house.gov/files/documents/financial/fininstitutions/20130322MaloneyResponseOCC.pdf

Maloney’s April 8 letter to regulators: maloney.house.gov/sites/maloney.house.gov/files/documents/financial/fininstitutions/20130408OCCFEDFollowup.pdf

Source: Rep. Carolyn Maloney


About Alex Ferreras

LoanSafe.org is America's #1 consumer mortgage forum with over 32,000 members. Get the latest news, information and tips from an online community you can trust.

Leave a Reply

Your email address will not be published. Required fields are marked *

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>

Get free unbiased help with your tough questions. Start your own threads and post replies with over 60,000 people just like you.

Connect with us

LoanSafe Forums

TESTIMONIALS

"Hello Moe, I just wanted to tell you, your website has saved my life (literally), I stumbled on your site in the middle of losing my home, I was able to network with people going through the same thing as I am. I didn't feel alone anymore, I have tried to give back and counsel those that haven't walked in my shoes yet. We hear so much about what is wrong with America, I just wanted you to know, you are whats "right" with America."

Nina Mitchell
Loansafe & MoeSeo Inc. © 2014 | LoanSafe.org is not a bank, lender, mortgage broker, law firm or affiliated with the US Government. Privacy Policy