Elijah Cummings Asks Darrell Issa Why It Is Taking So Long To Subpoena The Big Banks On Fraudclosure

Elijah Cummings Asks Darrell Issa Why It Is Taking So Long To Subpoena The Big Banks On Fraudclosure


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 investigation,” Cummings wrote. “This same sense of urgency should apply even when the targets of the Committee’s investigation are banks.” On February 10, 2011, the Committee voted unanimously to investigate “the foreclosure crisis including wrongful foreclosures and other abuses by mortgage servicing companies.” “If mortgage servicing companies are allowed to disregard requests for documents that are integral to this investigation, the Committee’s integrity will be called into question and, more importantly, abuses may continue,” Cummings wrote. Today’s letter from Cummings marks the fourth in a series of letters he has sent to Issa over the past six months urging the Committee to take action on wrongful foreclosures and other egregious abuses by mortgage servicing companies. On May 24, Cummings sent a letter to Issa requesting that the Committee issue subpoenas to six mortgage servicing companies that have refused to provide documents relating to foreclosure abuses. “The best long-term solution that our Committee can offer in response to illegal acts committed by mortgage servicing companies is vigorous investigation, oversight, and reform,” Cummings added. “Inaction will tacitly reward abuse and signal tolerance for major corporate wrongdoing.” So... what's wrong with that exactly?

Below is the letter.

http://www.zerohedge.com/article/elijah-cummings-asks-darrell-issa-why-it-taking-so-long-subpoena-big-banks-fraudclosure