Cicilline to Mortgage Lenders: Stop Foreclosures During the Pandemic

Wednesday, March 18, 2020

WASHINGTON – U.S. Congressman David N. Cicilline joined with 76 House members in pushing for the country’s largest mortgage lenders to immediately suspend foreclosures for the duration of the coronavirus pandemic.

 

As the largest home mortgage lenders in the United States, you have a shared responsibility to help our country mitigate and avert the financial crisis that the COVID-19 pandemic may trigger,” the members wrote. “We urge you to halt all foreclosure proceedings until the public health emergency has passed.”

 

The full text of the letter sent by Cicilline and his colleagues is embedded below.

 

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March 18, 2020

 

 

Charles Scharf

CEO and President

Wells Fargo

420 Montgomery Street

San Francisco, CA 94104

 

Jay Farner

CEO

Quicken Loans

One Campus Martius

Detroit, MI 48226

 

Jamie Dimon

Chairman and CEO

JP Morgan Chase & Co.

383 Madison Avenue

New York, NY 10179-0001

 

Brian Moynihan

Chairman and CEO

Bank of America

100 North Tryon Street

Charlotte, NC 28255

 

Anthony Hsieh

Chairman and CEO

loanDepot

26642 Towne Centre Drive

Foothill Ranch, CA 92610

 

Sanjiv Das

CEO

Caliber Home Loans

1525 S. Belt Line Road

Coppell, TX 75019

 

Mat Ishbia

President & CEO

United Wholesale Mortgage

585 South Blvd. E

Pontiac, MI 48341

 

Alessandro P. DiNello

President & CEO

Flagstar Bank

5151 Corporate Drive

Troy, MI 48098

 

Andy Cecere

President & CEO

US Bank

800 Nicollet Mall

Minneapolis, MN 55402

 

Steve Jacobson

Founder & CEO

Fairway Independent Mortgage Company

4750 S. Biltmore Lane

Madison, WI 53718

 

Dear Sir or Madam:

 

As the largest home mortgage lenders in the United States, you have a shared responsibility to help our country mitigate and avert the financial crisis that the COVID-19 pandemic may trigger. We urge you to halt all foreclosure proceedings until the public health emergency has passed.

 

Actions that private and public entities take to contain the spread of the virus will have a disproportionately adverse effect on working class families, low-income households, communities of color, and immigrants. Public health authorities are actively urging people to stay home and practice social-distancing resulting in the cancellation of many major cultural and entertainment events. School districts and universities are closing and businesses are sending their workers home.

 

As a result of these major changes, a wave of lay-offs is already underway which will in turn cause the most vulnerable among us to miss mortgage payments, face evictions or foreclosures, and force many into financial turmoil. Underemployed workers may lose health insurance and hourly workers will likely face significant challenges to cover their basic living expenses. A foreclosure crisis may send families to the streets and would be a dangerous and perverse outcome of an already challenging crisis. 

 

We urge your institutions to halt any foreclosure proceedings and any other actions that may adversely affect your customers during the COVID-19 public health emergency. We must pull together during this global pandemic and our nation’s largest financial institutions are an integral part of that necessary response.

 

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