WASHINGTON, D.C.--The office of Rep. Dennis Cardoza, who is co-chair of the Congressional Task Force on Housing Stabilization, said he sent a letter to the Treasury Secretary, Attorney General and Federal Reserve Bank expressing concern that financial institutions may have approved thousands of foreclosures without having the proper documentation in place.
Members of the House's Democratic Caucus Task Force on Housing Stabilization (task force) urged the semior officials to review and examine how financial institutions are handling foreclosure proceedings.
The task force said it asked the officials to respond to the following questions, in writing, as soon as possible:
--What steps are your respective departments taking to ensure that each and every foreclosure initiated by all financial institutions had been properly reviewed? How will you hold those who did not follow proper procedures accountable?
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--How will your respective departments ensure that, moving forward, all mortgage servicers are following the proper procedures and safeguards throughout the foreclosure process?
--What steps, if any, will your respective departments take to help mitigate the harm to American homeowners affected by the troubling practices of these financial institutions?