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GOP Lawmakers Raise Concerns About Settlement Efforts With Mortgage Servicers

Posted on 3/10/2011

A group of House Republicans yesterday wrote Treasury Secretary Timothy Geithner to raise concerns about the state attorneys general and federal banking regulators' effort to negotiate a court settlement with the largest mortgage-servicers on their loan-modification and foreclosure practices.

"The breadth and scope of the draft settlement proposal raise significant concerns about its effect on the financial system, as well as concerns that the administration and state agencies are attempting to legislate through litigation," the lawmakers said.

"In addition, reports about the role played by political appointees in the Treasury Department -- including those affiliated with the Consumer Financial Protection Bureau, an agency that does not yet have any regulatory or enforcement authority -- raise further questions about the process through which the terms of the settlement are being negotiated," they said.

Financial Services Committee Chairman Spencer Bachus (Ala.), Capital Markets Subcommittee Chairman Scott Garrett (N.J.), and Reps. Randy Neugebauer (Texas), Patrick McHenry (N.C.) and Pete Sessions (Texas) signed the letter.

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