Congressman San Nicolas cautions Guam financial institutions not to defraud customers

2024
Congressman Michael San Nicolas

Congressman Michael San Nicolas issued a News Release Tuesday, saying he’s sending a letter to Guam financial institutions in light of COVID-19.

The Congressman, in his letter, praised certain financial institutions for proactively helping their customers, but cautioned others against defrauding their clientele.

In particular, the Congressman cited constituent complaints made to his office about certain financial institutions requiring lengthy documentation and proof of need, to get mortgage forebearance as a result of the COVID-19 disaster.

“The federal law we passed does not require loads of paperwork for mortgage forebearance to be processed,” said San Nicolas.

“We were notified of one bank in particular that was falsely claiming that paperwork and proof of need were required by Freddie Mac guidelines and that is untrue. Fraudulently making the process of disaster relief more difficult is a serious offense that should not be inadvertently committed.”

In his release, the Congressman said, any resident experiencing difficulty in getting service for their mortgage forebearance is urged to contact the Federal Housing Finance Agency (FHFA) at fhfa.gov, or his office.

San Nicolas said, if you believe you are being fraudulently required to go through more steps than you should for federal relief, you can also contact the Guam U.S. Attorneys Office at justice.gov/usao-gu.