Gov't orders 14 lenders to reimburse homeowners

[joeunderdog]

WASHINGTON—The federal government on Wednesday ordered 16 of the nation's largest mortgage lenders and servicers to reimburse homeowners who were improperly foreclosed upon.

Citibank, Bank of America, JPMorgan Chase and Wells Fargo, the nation's four largest banks, were among the financial firms cited in the joint report by the Federal Reserve, Office of Thrift Supervision and Office of the Comptroller of the Currency.


Critics, including Democratic lawmakers in Congress, say the order is too lenient on the lenders. House Democrats introduced legislation Wednesday that would require lenders to perform a series of steps, including an appeals process, before starting foreclosures.

"I want to know what abuses (the government agencies) identified, which banks committed them and how their proposed consent agreement is going to fix these problems," said Rep. Elijah Cummings, D-Md., the ranking member of the House Government and Oversight Committee. "Based on what I have read ... I am not encouraged at all."

http://www.boston.com/business/articles/2011/04/13/govt_orders_15_lenders_to_reimburse_homeowners/?p1=News_links

[lonestarnot]

1. And what about pain a suffering fuck just reimbursement! Penalty smenalty.

:thumbsdown: fuckers!

[Angry Dragon]

2. It is a start