House Democrats are pushing for new regulations to crack down on the frequently foreclosure practices that have been dominating headlines for months. Several crucial Democrats in the House are circulating a letter urging support for the new regulations. The letter, drafted by Rep. Brad Miller (D-NC), encourages federal banking regulators to restrict practices at bank divisions called "mortgage servicers." Servicers are responsible for collecting and processing payments, charging late fees, negotiating with troubled borrowers and implementing the foreclosure process. Servicers have been criticized for committing widespread fraud in recent months, charging improper fees and incorrectly evicting borrowers. The latest example was seen on Wednesday where a California woman filed a lawsuit against Bank of America, stating that the broke into her home, threw out all of her possessions, including her dead husband’s ashes, and changed her locks even though she was in the midst of a mortgage modification. Unfortunately, cases like these are becoming more commonplace.
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