Mortgage Crisis

Pelosi Pushes Foreclosure Irregularities Probe

House Speaker Nancy Pelosi, Rep. Zoe Lofgren (D-CA), and other California Democrats are spearheading a push toward a federal investigation into foreclosure irregularities processed by the nation’s leading mortgage lenders. The Dems aired their grievances in a letter to U.S. Attorney General Eric Holder, Federal Reserve Board Chairman Ben Bernanke, and U.S. Comptroller John Dugan, and claimed that recent reports of improperly approving foreclosures by Bank of America, J.P. Morgan Chase, and Ally Financial “amplify our concerns that systemic problems exist.” They added “[Banks] have repeatedly misled and obstructed homeowners from receiving the help Congress and the administration have sought to provide,” said the letter. “The excuses we have heard from financial institutions are simply not credible three years into the crisis.”