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Ala. AG to testify before financial services committee

By Jessica M. Karmasek | Jul 7, 2011


WASHINGTON (Legal Newsline) - Alabama Attorney General Luther Strange is among those set to testify before the House Financial Services Committee on mortgage servicing Thursday.

The committee, which oversees the federal regulation of the industry, is expected to hold a joint hearing at 10 a.m. on financial institutions, consumer credit oversight and investigations.

The hearing is entitled, "Mortgage Servicing: An Examination of the Role of Federal Regulators in Settlement Negotiations and the Future of Mortgage Servicing Standards."

Strange appears on the hearing's "witness list."

According to the Birmingham News, the attorney general was invited by U.S. Rep. Spencer Bachus, R-Alabama, who is chairman of the House committee.

Other "witnesses" include:

- Julie Williams, first senior deputy comptroller and chief counsel, Office of the Comptroller of the Currency;

- Mark Pearce, director, Division of Depositor and Consumer Protection, Federal Deposit Insurance Corporation;

- Raj Date, associate director of research, markets and regulations, Consumer Financial Protection Bureau, U.S. Department of the Treasury;

- David Stevens, president, Mortgage Bankers Association; and

- Michael Calhoun, president, Center for Responsible Lending.

Attorneys general, the U.S. Justice Department, the Treasury Department and the Consumer Financial Protection Bureau are in the midst of negotiating a settlement with the country's five largest mortgage servicers, including Bank of America Corp., JPMorgan Chase & Co., Citigroup Inc., Wells Fargo & Co., and Ally Financial Inc.

The mortgage foreclosure probe began in October with inquiries into so-called "robosigning" practices by several mortgage companies, and has since broadened into identifying and addressing additional alleged improper foreclosure practices.

From Legal Newsline: Reach Jessica Karmasek by e-mail at jessica@legalnewsline.com.

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