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Public Statements

Letter To The Honorable Eric H. Holder, Jr. Attorney General, U.S. Deptarment Of Justice

Letter

By:
Date:
Location: Washington, DC

Today Representatives Rosa L. DeLauro (CT-3), John B. Larson (CT-1), and Joe Courtney (CT-2) joined together to ask United States Attorney General Eric Holder to fully investigate recent reports that financial institutions have been using fraudulent practices like "robo-signing," signing documents without reading them, in order to quickly process foreclosures. Such practices have led to wrongful foreclosures on an untold number of households that have not defaulted on their mortgages.

In Connecticut, and in other states across the country, Attorneys General have called for moratoriums on foreclosures until the foreclosure process is evaluated and remedied. The members of the Connecticut delegation voiced their support for Attorney General Holder and the Department of Justice's examination of "improper and potentially illegal actions of financial institutions in dealing with mortgage modifications and foreclosures" and urged them "to use all the tools at your disposal to fully investigate this matter."

"After their practices helped bring about a financial and economic crisis, JP Morgan Chase, Ally Financial, and Bank of America were all saved by the American taxpayers. Now the practices of these financial institutions are continuing to drag down the economy as they try to maintain their bottom line at the expense of American families. We urge you to hold these institutions accountable and to conduct a full investigation into their practices."

Full text of the letter is below.

October 8, 2010

The Honorable Eric Holder

Attorney General

U.S. Department of Justice

950 Pennsylvania Avenue, NW, Room 1145

Washington, DC 20530 Dear Attorney General Holder,

With foreclosure rates at record levels and disturbing reports of malfeasance coming to light daily, we are writing to support your effort to examine improper and potentially illegal actions of financial institutions in dealing with mortgage modifications and foreclosures. We urge you to use all the tools at your disposal to fully investigate this matter.

Recently JP Morgan Chase, Ally Financial, and Bank of America, among others, have come under fire for practices such as "robo-signing," signing foreclosure forms without even reading them, and even forging documents outright. Such practices have led to wrongful foreclosures on an untold number of households that have not defaulted on their mortgages.

Connecticut's Attorney General Richard Blumenthal has called for a 60 day moratorium on all foreclosures until we learn more about the extent of these practices. Officials across the country have followed suit--in Texas, where the Attorney General has ordered a suspension of foreclosures; in Massachusetts, where the Attorney General has also called for moratorium; in Ohio, where the Attorney General has filed suit against Ally Financial, and in many other states. We applaud these actions and believe a moratorium on foreclosures is essential until the integrity of this process is evaluated.

Unfortunately, improper actions on the part of banks and financial lenders are something that we have witnessed with increasing frequency. In the past two years, the number of foreclosure cases we have received in our respective offices has increased significantly. Foreclosure cases are extremely complicated, and often necessitate working with banks and entities out of state, with no real person on the other end to take responsibility. We have routinely dealt with unprofessional behavior on the part of the banks, including strategically mismanaging paperwork; tacking on extra fees; or stringing families along through trial periods only to deny modifications.

After their practices helped bring about a financial and economic crisis, JP Morgan Chase, Ally Financial, and Bank of America were all saved by the taxpayers. Now the practices of these financial institutions are continuing to drag down the economy as they try to maintain their bottom line at the expense of American families. We urge you to hold these institutions accountable and to conduct a full investigation into their practices.

We thank you for your prompt attention to this critical matter.

Sincerely,

Rosa L. DeLauro

Member of Congress

John B. Larson

Member of Congress

Joe Courtney

Member of Congress

Cc: The Honorable Ben Bernanke, Chairman, Federal Reserve System

The Honorable Timothy Geithner, Secretary, U.S. Department of the Treasury


Source:
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