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Requests OGR To Examine Foreclosure Fraud
(Washington, DC) – Congressman Elijah E. Cummings (D-MD), Ranking Member-designee for the House Committee on Oversight and Government Reform, wrote today to the incoming Committee Chairman Darrell Issa (R-CA) to request that the first hearing in the 112th Congress examine recent and continuing reports of widespread flawed and fraudulent foreclosure practices by the nation’s largest banks. -
Hosts Foreclosure Field Hearing in Baltimore
(Washington, DC) – Congressman Elijah E. Cummings (MD-07), Ranking Member of the House Committee on Oversight and Government Reform (OGR), today joined Committee Democrats in the beginning stages of an investigation into foreclosure fraud, robosigning and other errors committed by the private mortgage servicer industry. -
Launches Investigation of Mortgage Servicer Abuses
Congressman Elijah E. Cummings (MD-07), Ranking Member of the House Committee on Oversight and Government Reform, today launched a wide-ranging investigation into increasingly widespread allegations of foreclosure fraud and abuse, seeking documents, audits, and investigations to provide the Committee with a more comprehensive understanding of these allegations and the national foreclosure picture. -
Requests Mortgage Servicer Conduct Audit
On February 25, 2011 Ranking Member Cummings writes to Special Inspector General for the Troubled Asset Relief Program Neil Barofsky requested a more detailed audit of allegations of series misconduct by the mortgage service industry that he referenced in his January 26, 2011 testimony. -
Calls On OCC To Postpone Consent Agreement
Washington, D.C. – Congressman Elijah E. Cummings, Ranking Member of the House Oversight and Government Reform Committee, sent a letter to John Walsh, Acting Comptroller at the Office of the Comptroller of the Currency (OCC) yesterday. The letter called on Walsh to consider postponing action to finalize a consent agreement with mortgage servicers, and demanded greater transparency from the OCC regarding the agreement, including a briefing for Congress on the foreclosure abuses the agency found i -
Introduces Legislation To Address Foreclosure Crisis
(Washington, DC) - Congressman Elijah E. Cummings today was joined by more than 20 original co-sponsors in introducing H.R. 1477, the Preserving Homes and Communities Act of 2011. The Preserving Homes Act is designed to stop mortgage servicer activities that are harming America’s economic recovery, and to help keep Americans in their homes by ensuring a fair playing field for consumers and banks. -
Requests Action On Allegations of Housing Program Waste
Washington, DC – Ranking Member Elijah E. Cummings sent a letter to Chairman Issa today requesting that the Committee examine allegations that hundreds of millions of dollars in taxpayer funds may have been squandered in the nation’s largest low-income housing construction program, according to the first of a series of articles by the Washington Post. The article reports that nearly 700 projects nationwide – some of
which date back to 2001 – have been stalled as developers abandoned their effort -
Asks Issa To Subpoena Mortgage Servicers
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. -
Seeks “Engagement Letters” Due Today Between Mortgage Banks and Private Consultants
Washington, DC – Today, Ranking Member Elijah E. Cummings wrote to federal banking regulators to request copies of “engagement letters” between 14 mortgage servicing companies and the private consultants they hired to review their widespread foreclosure abuses. The deadline for federal regulators to approve these engagement letters is today. -
6 Months Later: Calls On Issa To Subpoena Banks
Washington, DC – Describing new evidence of illegal foreclosures, inflated fees, and other widespread abuses, Ranking Member Elijah E. Cummings wrote to Chairman Darrell Issa today to request that the Committee issue subpoenas to require mortgage servicing companies to produce previously-requested documents. “You have not hesitated—in other investigations—to issue subpoenas in a matter of days when your deadlines were missed, so it is unclear why a different standard applies to this investig -
Holds Forum On Illegal Military Foreclosures
(Washington, D.C.)—On Tuesday, July 12, 2011 at 2:30 p.m., Senator John D. (Jay) Rockefeller IV (D-W.Va.), Chairman of the Senate Committee on Commerce, Science and Transportation, and Representative Elijah E. Cummings (D-Md.), Ranking Member of the House Committee on Oversight and Government Reform, will convene a forum to examine illegal foreclosures against U.S. service members and their families. -
Lays Out Joint Mortgage Subpoena Requests
Ranking Member Cummings writes to Chairman Issa confirming their agreement on the next steps in the Committee's investigation into "wrongful foreclosures and other abuses by mortgage servicing companies." Cummings agreed to withdraw his motion for subpeonas at a July 14th hearing because Issa agreed to obtain the information covered through joint document requests. To date the documents covered by the subpeonas were neither requested nor obtained. -
Urges Extension: Unemployed Homeowner Forebearance Period
On August 1, 2011 Cummings leads effort in writing to the Members of the Federal Housing Finance Agency Oversight Board to ask to extend the foreberance period for unemployed homeowners with mortgages owned or guaranteed by Fannie Mae or Freddie Mac. -
Requests Meeting with FHFA On President's Mortgage Plan
Washington, DC) – Congressman Elijah E. Cummings, Ranking Member of the House Committee on Oversight and Government Reform, and Congressman Dennis Cardoza, Co-Chair of the Housing Stabilization Task Force, today sent a letter to Edward DeMarco, Acting Director of the Federal Housing Finance Agency, requesting a meeting with Members of Congress to discuss the President’s proposal to help more Americans refinance their mortgages at lower rates. -
Renews Call For Meeting With Housing Regulator
(Washington, DC) – Congressman Elijah E. Cummings, Ranking Member of the House Committee on Oversight and Government Reform, and Congressman Dennis Cardoza, Co-Chair of the Housing Stabilization Task Force, today were joined by 27 Members of Congress in sending a letter to Edward DeMarco , Acting Director of the Federal Housing Finance Agency (FHFA), renewing their request for a meeting to begin discussing a plan to allow more American families to refinance their mortgages at historically low in -
Demands Answers from FHFA On President's Mortgage Plan
Washington, DC - After a disappointing meeting with officials from the Federal Housing Finance Agency (FHFA) today, more than two dozen Members of Congress sent a letter to FHFA Acting Director Edward DeMarco requesting a meeting to discuss ways to implement President Obama’s proposal to help the greatest number of American families avoid foreclosures. -
Lauds Forebearance Extension
Washington, DC – Today, Ranking Member Elijah E. Cummings issues a statement in response to a decision by the Federal Housing Finance Agency (FHFA) to extend from three months to six months the forbearance period for unemployed homeowners with mortgages owned or guaranteed by Freddie Mac. FHFA’s decision comes in response to an August 1 letter sent from Cummings to FHFA Oversight Board members proposing a twelve month forbearance period for unemployed homeowners.... -
Raises Series Concerns With FHFA On IG Report
Washington, DC -- Ranking Member Elijah E. Cummings wrote to Federal Housing Finance Agency (FHFA) Acting Director Edward DeMarco today raising serious concerns after a report by FHFA’s Inspector General revealed a prolonged failure to effectively oversee law firms processing foreclosures as part of Fannie Mae’s Retained Attorney Network. -
Meets With DeMarco On Mortgaging Refinancing
Washington, D.C. -- Today, Ranking Member Elijah E. Cummings, Housing Stabilization Task Force Co-Chair Congressman Dennis Cardoza, and other Members will hold a meeting with Edward DeMarco, Acting Director of the Federal Housing Finance Agency, to discuss how the agency plans to implement President Obama’s proposal to help responsible homeowners to refinance their mortgages at historically low rates. -
Requests Administration Mtg On Foreclosure Crisis
Washington, DC (Oct. 7, 2011)—Ranking Member Elijah E. Cummings, Housing Stabilization Task Force Co-Chair Congressman Dennis Cardoza, and 25 other Members of Congress wrote to President Obama today requesting a meeting with the highest ranking Administration officials that coordinate housing and foreclosure policy to discuss the President’s mortgage refinancing proposal. -
Releases Super Committee Recommendations
Washington, D.C. (Oct. 13, 2011)—Today, Ranking Member Elijah E. Cummings released a report on behalf of Democratic Members of the House Committee on Oversight and Government Reform with recommendations to the Joint Select Committee on Deficit Reduction. Cummings also released a letter to the Joint Select Committee directing particular attention to the report’s crucial recommendation to address the housing crisis. -
Commends Decision to Terminate Foreclosure Attorney Networks
Washington, DC (Oct. 18, 2011) – Today, Congressman Elijah E. Cummings, Ranking Member of the Committee on Oversight and Government Reform, responded to an announcement by the Federal Housing Finance Agency (FHFA) that it has instructed Fannie Mae and Freddie Mac to begin “transitioning away” from their use of designated foreclosure attorney networks to a system under which “mortgage servicers select qualified law firms that meet certain minimum, uniform criteria.” -
Calls For Follow-Up DeMarco Meeting
Washington, DC (Oct. 21, 2011) – After a disappointing meeting with Federal Housing Finance Agency (FHFA) Acting Director Edward DeMarco on October 6, Ranking Member Elijah E. Cummings and Housing Stabilization Task Force Co-Chair Congressman Dennis Cardoza requested today that DeMarco return to Congress with a more aggressive approach to the housing crisis. -
Applauds Changes To Home Affordable Refinance Program
Washington, DC (Oct. 24, 2011) – Ranking Member Elijah E. Cummings released a statement in response to changes announced today by the Federal Housing Finance Agency (FHFA) to the Home Affordable Refinance Program (HARP). The changes are aimed at helping “underwater” homeowners take advantage of today’s record-low interest rates. -
Moves to Subpeona Mortgage servicing Companies
With the support of all Democratic Members in attendance, Ranking Member Cummings made the case for a thorough, comprehensive review of these problems. After suspending the hearing and consulting with staff, Chairman Darrell Issa offered to join Cummings in sending official document requests on behalf of the Committee to ten of the nation’s largest mortgage servicing companies, seeking internal audits, reports, communications, and emails relating to abuses affecting U.S. servicemembers. -
Meets wth FHFA On Next Steps To Address Housing Crisis
WASHINGTON, D.C. (Oct. 26, 2011)— Today, Ranking Member Elijah E. Cummings and other Members will meet with Edward DeMarco, Acting Director of the Federal Housing Finance Agency (FHFA), to discuss additional actions the agency can take to address the foreclosure crisis following changes announced Monday to its Home Affordable Refinance Progra -
Recognized As "Federal Chamption of the Year" for work on Housing
Washington, DC – Congressman Elijah E. Cummings, Ranking Member of the House Committee on Oversight and Government Reform, was honored as the “Federal Champion of the Year” by the Maryland Consumer Rights Coalition. Video here. -
Cummings Calls on Issa to Subpoena Federal Regulators for “Engagement Letters
(Washington, DC) – Today, Ranking Member Elijah E. Cummings requested that Chairman Darrell Issa issue so-called “friendly” subpoenas to federal financial regulators to obtain copies of “engagement letters” they have approved between mortgage servicing companies and independent firms hired to review past foreclosure abuses. Cummings asked that the issue be added to the Committee’s business meeting scheduled for next week if Issa decides against issuing the subpoenas. -
Letter to AG on Mortgage Fraud Proposed Settlement
On November 1, 2011 Cummings joins with other Members in writing to Attorney General Eric Holder expressing his concern regarding the ongoing settlement talks between state attorneys general, federal regulators, and large mortgage servicers blanket immunity for potential wrongdoing related to illegal mortgage and foreclosure practices. -
Cummings Encourages Homeowners to Report Mortgage Servicer Abuses
Washington, DC (Nov. 1, 2011) – Representative Elijah E. Cummings, the Ranking Member of the House Committee on Oversight and Government Reform, today alerted homeowners who have been the victims of illegal or improper foreclosure related actions to a new online claims process announced today by the Office of the Comptroller of the Currency (OCC). -
Requests Documents from Law Firm after Allegations of Foreclosure Abuse
Washington, DC (Nov. 4, 2011) – Today, Ranking Member Elijah E. Cummings sent a letter to the law firm of Steven J. Baum requesting records, documents, and communications relating to allegations of improper and potentially illegal actions in the processing of foreclosures. “Given that your firm represents some of the nation’s largest mortgage servicers,” Cummings wrote... -
Politico publishes profile of housing work
Cummings, the Homeowner Crusader -- Politico For President Barack Obama, fixing the collapsed housing market may be a part of political calculus, a key factor in winning a second term. For Rep. Elijah Cummings (D-Md.), the fight to keep people in their homes and out of foreclosure is a personal mission. -
Writes letter to Lask regarding Baum inquiry
On November 7, 2011 Ranking Member Elijah Cummings writes to Susan Chana Lask, Esq. thanking her for her willingness to cooperate with his ongoing investigation into allegations of “abusive, improper, and illegal actions committed by the law firm of Stephen J. Baum, P.C.” -
Sends Letter to FHFA on Fannie & Freddie Foreclosure Fees
Ranking Member Elijah E. Cummings sent a letter to Federal Housing Finance Agency (FHFA) Acting Director Edward DeMarco requesting information about $150 million in fees that Fannie Mae and Freddie Mac imposed on mortgage servicing companies last year for failing to conduct foreclosures fast enough. “I am concerned that these penalties, at least some of which were ordered by the Federal Housing Finance Agency (FHFA), may have contributed to widespread abuses by mortgage servicing companies and -
Seeks Unredacted Copies of “Engagement Letters” Between Mortgage Servicing Companies & Private Consultants
Ranking Member Elijah E. Cummings released a statement today regarding the public release of highly redacted “engagement letters” between mortgage servicing companies and independent consultants they hired to review past foreclosure abuses: “Although I am encouraged that some information is being made public today, our Committee should issue subpoenas to obtain full, unredacted copies of these documents so we can ensure that homeowners are being fully and appropriately compensated. -
Requests Hearing on Secret Government Loans to Rescue Banks
Today, Rep. Elijah E. Cummings, Ranking Member of the House Committee on Oversight and Government Reform, sent a letter to Chairman Darrell Issa requesting that the Committee hold a hearing with Federal Reserve Chairman Ben Bernanke and officials from the nation’s largest financial institutions that benefitted from trillions of dollars in previously undisclosed government loans provided at below-market rates. -
Urges FHFA Director to Produce Documents on Principal Reduction
Today, Rep. Elijah E. Cummings, Ranking Member of the House Committee on Oversight and Government Reform, and all Democratic Members of the Committee sent a letter to Edward DeMarco, the Acting Director of the Federal Housing Finance Agency, seeking documents he promised to produce to the Committee regarding his analysis of programs to reduce mortgage principal and why such programs never serve the long-term interests of taxpayers when compared to foreclosure. -
Request Hearing in Chicago to Examine Banks’ Failure to Maintain Abandoned Properties
Washington, DC (Jan. 5, 2012) – Today, Rep. Elijah E. Cummings, Ranking Member of the House Committee on Oversight and Government Reform, and Rep. Danny K. Davis, sent a letter to Chairman Darrell Issa requesting a hearing in Chicago to examine the failure of mortgage servicing companies to maintain the growing number of abandoned properties nationwide and the impact of this failure on state and municipal budgets. -
Welcomes Fannie and Freddie Decision to Extend Forbearance
Rep. Elijah E. Cummings, Ranking Member of the House Committee on Oversight and Government Reform, issued a statement today commending Fannie Mae and Freddie Mac for extending to 12 months the period during which unemployed Americans with mortgages owned or guaranteed by Fannie Mae or Freddie Mac may defer payments while they continue to look for employment. -
Urge Subpoena of Documents from FHFA on Principal Reduction
Rep. Elijah E. Cummings, Ranking Member of the House Committee on Oversight and Government Reform, and Committee Member John F. Tierney sent a letter today to Chairman Darrell Issa requesting that he issue a subpoena to the Federal Housing Finance Agency (FHFA) compelling the production of all documents associated with its analyses of whether mortgage loan modifications with principal reductions should be offered by Fannie Mae and Freddie Mac. -
Urge Subpoena of Documents from FHFA on Principal Reduction
Rep. Elijah E. Cummings, Ranking Member of the House Committee on Oversight and Government Reform, and Committee Member John F. Tierney sent a letter today to Chairman Darrell Issa requesting that he issue a subpoena to the Federal Housing Finance Agency (FHFA) compelling the production of all documents associated with its analyses of whether mortgage loan modifications with principal reductions should be offered by Fannie Mae and Freddie Mac. -
Calls for Testimony and Documents from Mortgage Bank CEOs
Today, Rep. Elijah E. Cummings, Ranking Member of the House Committee on Oversight and Government Reform, sent a letter to Chairman Darrell Issa renewing his requests to call top executives from the nation’s biggest mortgage banks to testify and issue subpoenas for documents relating to widespread foreclosure abuses. -
Demands Answers from FHFA on Principal Reductions
Today, Rep. Elijah E. Cummings, Ranking Member of the House Committee on Oversight and Government Reform, and Committee Member John F. Tierney sent a letter to Edward DeMarco, the Acting Director of the Federal Housing Finance Agency (FHFA), raising serious questions about his recent response to Congress arguing that principal reduction programs do not serve the interests of American taxpayers. -
Call on DeMarco to Comply with Congressional Request for Information on Principal Reduction
Today, Rep. Elijah E. Cummings, Ranking Member of the House Committee on Oversight and Government Reform, and Committee Member John F. Tierney called on Edward DeMarco, the Acting Director of the Federal Housing Finance Administration (FHFA), to comply with previous requests for information about his refusal to allow Fannie Mae and Freddie Mac to utilize principal reductions to address the nation’s housing crisis, even though his own data show they could save U.S. taxpayers billions of dollars. -
Statement on DeMarco Speech on the Housing Market
Rep. Elijah E. Cummings, Ranking Member of the House Committee on Oversight and Government Reform, released a statement in response to a speech today by Federal Housing Finance Agency (FHFA) Acting Director Edward DeMarco at the Brookings Institution on the housing market. -
Cummings to DeMarco: Docs Show Fannie Believed Principal Reduction Would Save Taxpayers Money
Rep. Elijah E. Cummings, Ranking Member of the House Committee on Oversight and Government Reform, and Committee Member John F. Tierney sent a letter to Edward DeMarco, the Acting Director of the Federal Housing Finance Agency (FHFA), regarding internal documents showing that Fannie Mae officials concluded as far back as 2009 that reducing principal on mortgages backed by Fannie Mae could save U.S. taxpayers money by avoiding foreclosures, directly contradicting DeMarco’s testimony to Congress. -
Introduces Legislation To Protect Servicemembers From Foreclosure
On May 15, 2012 the Ranking Members of three House Committees—Rep. Elijah E. Cummings of the Oversight and Government Reform Committee, Rep. Bob Filner of the Committee on Veterans’ Affairs, and Rep. Adam Smith of the Armed Services Committee—joined several other Members in introducing legislation to enhance the Servicemembers Civil Relief Act (SCRA), a law intended to protect against improper foreclosures, evictions, and other negative financial consequences of military service. -
House Passes Servicemember Foreclosure Prevention Provision
On May 18, 2012, the House passed by a vote of 394 to 27 an amendment to the National Defense Authorization Act (NDAA) introduced by Rep. Elijah E. Cummings, Ranking Member of the Oversight and Government Reform Committee, Rep. Bob Filner, Ranking Member of the Veterans Affairs Committee, and Rep. Adam Smith, Ranking Member of the Armed Services Committee, that significantly expands foreclosure protections for servicemembers, their families, and disabled veterans. -
Applauds CFPB on Joint Guidance to Protect Military Families from Foreclosure
Ranking Member Elijah E. Cummings commended the Consumer Financial Protection Bureau (CFPB) and housing regulators for issuing joint guidance yesterday to protect military homeowners who have received Permanent Change of Station orders. -
Cummings: “Incomprehensible” that DeMarco Would Throw Away Up to $1 Billion in Potential Savings for U.S. Taxpayers
Rep. Elijah E. Cummings, Ranking Member of the House Committee on Oversight and Government Reform, issued a statement today in response to the decision by the Federal Housing Finance Agency to forbid Fannie Mae and Freddie Mac from reducing principal on mortgages even though such modifications would prevent larger losses resulting from foreclosures. -
Applauds Senate Committee’s Passage of Foreclosure Protections for Servicemembers and Their Families
Today, the Senate Veterans Affairs Committee (SVAC) passed measures similar to legislation introduced by Rep. Elijah E. Cummings, Ranking Member of the House Committee on Oversight and Government Reform, that significantly expands foreclosure protections for servicemembers, their families, and disabled veterans. -
Warns That Fannie and Freddie Must Ensure that Foreclosure Lawyers Follow the Law
Today, Rep. Elijah E. Cummings, Ranking Member of the House Committee on Oversight and Government Reform, issued the following statement in response to new guidelines issued by Fannie Mae and Freddie Mac effectively ending the use of the “retained attorney network” and requiring mortgage servicers to assume greater responsibility for selecting law firms that handle foreclosure cases: