U.S. Congressional Banking Committees have been asked by 4 statewide consumer groups to hold investigative hearings on affect acquisition of Countrywide by BofA will have on its employees & borrowers.
Letters in this regard were sent to Barney Frank, Chairman of House Financial Services Committee (HFSC), & Christopher Dodd, Chairman of Senate Banking Committee (SBC), by the 4 consumer groups, namely, Neighborhood Economic Development Advocacy Project, New York (NEDAP), Community Reinvestment Association of North Carolina (CRA), New Jersey Citizen Action (NJCA), & California Reinvestment Coalition (CRC).
Josh Zinner, co-director of NEDAP in a statement said that -
Concerns are rising as BofA has not made public any particular plan which will ensure that efforts will be made to help borrowers keep their homes & local economies and neighborhoods remain intact. Congress has been urged to make sure that a plan is developed to include policies and staffing which will guarantee that borrowers are offered affordable fixed mortgages which will help them keep their homes.
Tuesday, February 5, 2008
Investigative hearings on Countrywide's acquisition by BofA
