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Washington
Waters Wants Probe Of Mortgage Servicers That Mislead On HAMP
WASHINGTON (6/19/13)--Rep. Maxine Waters (D-Calif.), who is the ranking Democrat of the House Financial Services Committee, Tuesday called for an investigation of "Bank of America or any other mortgage servicer, who allegedly benefited by misleading borrowers eligible for the Home Affordable Modification Program (HAMP)."

The letter to Special Inspector General for the Troubled Asset Relief Program (SIGTARP) Christy L. Romero was sparked by an article in Bloomberg that, according to a release from Waters, cited court documents in which former loan employees stated that, Bank of America, the second-biggest U.S. lender, allegedly schooled employees "to maximize fees" by "fostering and extending delay of the HAMP modification process by any means."

Waters' release said the congresswoman also sent a letters to the Office of the Comptroller of the Currency and the Federal Reserve Board to ask them to investigate "how or whether these allegations against Bank of America interact with the Independent Foreclosure Review settlement reached between regulators and mortgage servicers in January 2013."


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