Menendez, Representatives Call on GAO To Report on Foreclosure Reviews

WASHINGTON, DC – January 24, 2012 – (RealEstateRama) — As Chairman of the Senate Subcommittee on Housing, Transportation and Community Development, Senator Robert Menendez (D-NJ) along with Representatives Maxine Waters (D-CA), Brad Miller (D-NC) and Luis Gutierrez (D-IL) have called on the non-partisan Government Accountability Office (GAO) to examine and investigate the design, implementation and eventual results of the foreclosure review process that the Office of the Comptroller of the Currency (OCC) and Federal Reserve are currently carrying out. Last month, Menendez presided over a hearing where he raised concerns over the fact that regulators were allowing banks under review to pick their own third party consultants to conduct the audits.