WASHINGTON (2/20/13)--Rep. Maxine Waters, the top Democrat of the House Financial Services Committee, continues to press bank regulators for details about their termination of the Independent Foreclosure Review (IFR).
Waters released a letter Tuesday to Federal Reserve Chairman Ben Bernanke and Comptroller of the Currency Thomas Curry seeking additional information from the regulators about the termination of the IFR. It is a follow up to an inquiry earlier this month.
Also, earlier this month Waters (D-Calif.), who has been an advocate for foreclosure prevention, asked Chairman Jeb Hensarling (R-Texas) of House Financial Services for a hearing into a Jan. 7 tentative $9.3 billion settlement between the Fed and OCC and mortgage servicing companies which Waters said is intended to resolve claims of wrongdoing by the servicers against an estimated 4.4 million borrowers. It effectively ended the IFR.
Information requested by Waters includes: Policies and Procedures documents created by independent consultants outlining how loan files were to be reviewed by analysts; information on error rates of reviewed loan files; guidelines issued by the regulators to independent consultants relating to the foreclosure notice process; and other pertinent information.