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Congresswoman Waters Criticizes Bank of America and GMAC for Decision to Resume Foreclosures

October 19, 2010
Press Release

Congresswoman Maxine Waters (D-CA), who chairs the House Financial Services Housing and Community Opportunity Subcommittee, criticized the Bank of America following its announcement that it would resume foreclosures on more than 100,000 mortgages by next week in the 23 states where court approval for foreclosures is required.  She also expressed concern about lender and servicer GMAC Mortgage, which also announced an end to its freeze on foreclosures.

"I am disappointed by Bank of America's rush to resume foreclosures after such a short review that calls into question how it could examine more than 100,000 mortgages so quickly.  I am also concerned that GMAC is moving ahead with foreclosures despite an employee's admission that he ‘robosigned' 10,000 foreclosure affidavits a month without verifying the accuracy of the documents. At a time of so much uncertainty among homeowners, prospective buyers, lenders and servicers as to who has title to properties, I have called on Bank of America, GMAC and their peers to engage in a temporary suspension of foreclosures to allow for a thorough, thoughtful evaluation of the facts in each and every case.  There is ample evidence that homeowners have been harmed by wrongful foreclosures.  Regulators need to initiate a full review of Bank of America, GMAC and other servicers because we cannot leave it to the banks to review and police themselves. 

In America, every family at risk of losing its home deserves fair consideration of the facts as well as an opportunity for alternative action.  Foreclosure should only be the last resort.  That's why I have introduced the Foreclosure Prevention and Sound Mortgage Servicing Act (H.R. 3451) which prohibits a bank from initiating foreclosure proceedings without offering the homeowner loss mitigation."