Dems Press Fed, OCC For Info On Foreclosure Abuse Deals

Law360, New York (January 31, 2013, 2:42 PM EST) -- Congressional Democrats on Thursday demanded that federal banking regulators provide more information about settlements recently struck with major banks giving nearly $10 billion to homeowners victimized by faulty mortgage loan servicing and foreclosure practices and replacing a controversial previous deal requiring independent foreclosure reviews.

The revised settlements over banks' botched foreclosure proceedings, the first of which were announced Jan. 7, have drawn criticism from both lawmakers and housing advocates as being inadequate and lacking proper oversight. Those concerns were highlighted in a Thursday letter sent to...
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