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OIG's Servicer Report Provokes Call for Congressional Hearing
Mortgage News Daily ^ | 3/22/13 | Jann Swanson

Posted on 03/22/2013 10:27:31 AM PDT by illiac

The evaluation report released this morning by the Federal Housing Finance Agency's (FHFA) Office of the Inspector General (OIG) has triggered a call for a Congressional hearing. The OIG report claimed that servicers employed by Freddie Mac have not handled the serious category of consumer complaint termed "escalated" in a timely manner nor reported them correctly to Freddie Mac. OIG also found significant deficiencies in the oversight of servicers by Freddie Mac and of Freddie Mac by FHFA and that no penalties had been imposed on services for failure to conform to agency and company servicing guidelines.

Congressman Elijah E. Cummings (D-MD), Ranking Member of the House Committee on Oversight and Government Reform, sent a letter today to Committee Chairman Darrell Issa (R-CA) requesting that the Committee hold a hearing with Edward DeMarco, the Acting FHFA Director, and Steve A. Linick, the Inspector General of FHFA. Cummings requested that the Committee also invite representatives from Bank of America, CitiMortgage, Provident, and Wells Fargo - the mortgage servicers singled out in the Inspector General's report as having particularly failed to follow FHFA's requirements for handing and reporting the escalated cases they receive.

(Excerpt) Read more at mortgagenewsdaily.com ...


TOPICS: Business/Economy; Miscellaneous
KEYWORDS: business; economy; housing
The more things stay the same....
1 posted on 03/22/2013 10:27:32 AM PDT by illiac
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To: illiac

They are out to get Demarco. He is the only competent one who has been protecting the tax payer.


2 posted on 03/22/2013 10:37:38 AM PDT by learner
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