WASHINGTON (Reuters) – The four largest mortgage lenders in the United States were grilled on Capitol Hill on Thursday about the limited number of home loans they have modified for homeowners facing foreclosure.
"I just wonder how hard you are really trying?" Rep. Dennis Kucinich asked David Lowman, chief executive of home lending at JPMorgan Chase & Co (JPM.N).
Lowman said JP Morgan had been understaffed to handle the demand from struggling homeowners seeking to restructure payments [oh, poor babies, but they seem to have lots of lawyers able to FORECLOSE on hand], though they have added staff in recent months.
"Why are you denying loan modifications to my constituents?" Kucinich, an Ohio Democrat, asked Lowman, calling JP Morgan Chase uncooperative with borrowers.
Ohio has been one of the hardest-hit states in the U.S. home foreclosure crisis.
The House Oversight and Government Reform Committee also summoned chief executives of the home lending units of Bank of America Corp (BAC.N), Citigroup Inc (C.N) and Wells Fargo & Co (WFC.N) to answer questions about their loan modification practices.
Also at the witness table was American Home Mortgage Servicing Inc, which collects loan payments but does not make or hold loans. AHMSI is known in the industry as a monoline servicer, while the other four firms both make and service loans.http://news.yahoo.com/s/nm/20100624/bs_nm/us_usa_housing_modifications