Six out of ten companies are concealing documents from Congress relating to illegal foreclosures and inflated fees
Washington, DC — Today Oversight Committee Ranking Member Elijah E. Cummings sent a letter to Chairman Darrell Issa requesting that the Committee issue subpoenas to six mortgage servicing companies that have refused to provide documents relating to illegal foreclosures, inflated fees, and other abuses relating to millions of families losing their homes.“The foreclosure crisis has had devastating consequences for communities across the country and continues to threaten our nation’s economic recovery, drain state and local budgets, and displace families,” said Ranking Member Cummings. “The banks have admitted wrongdoing, and yet they are now refusing to provide Congress with documents that are critical to our investigation.”
Four companies have begun to respond to these requests, but the remaining six — MetLife, Inc.; SunTrust Banks, Inc.; PHH Mortgage; U.S. Bank, N.A.; Wells Fargo & Company; and Bank of America Home Loans — have failed to provide any requested documents despite efforts to obtain their voluntary compliance. One company, MetLife, Inc., explained in its letter that it would not provide requested documents unless it was “subject to subpoena.”
Four companies have begun to respond to these requests, but the remaining six — MetLife, Inc.; SunTrust Banks, Inc.; PHH Mortgage; U.S. Bank, N.A.; Wells Fargo & Company; and Bank of America Home Loans — have failed to provide any requested documents despite efforts to obtain their voluntary compliance. One company, MetLife, Inc., explained in its letter that it would not provide requested documents unless it was “subject to subpoena.”
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