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U.S. lawmakers seek mortgage settlement documents from regulators

Feb 01 2013 Emily Stephenson, Reuters

U.S. lawmakers on Thursday asked bank regulators to turn over documents related to the $8.5 billion settlement that ended a government-mandated review of crisis-era foreclosures, saying transparency was needed to boost confidence in the settlement. Senator Elizabeth Warren and Representative Elijah Cummings, both Democrats, said the Federal Reserve and the Office of the Comptroller of the Currency (OCC) must address concerns that financial institutions have not been held accountable for misdeeds during the 2007-2009 U.S. financial crisis. In a separate letter also released on Thursday, Representative Maxine Waters, also a Democrat, said questions remain about why the independent reviews were stopped and how borrowers will be evaluated for potential compensation. The case-by-case reviews of foreclosures came in response to the "robo-signing" scandal of 2010, in which banks were said to have used defective or fraudulent documents to pursue home foreclosures. But after the review

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