Congressman San Nicolas warns banks against fraud

Congressman San Nicolas cautions Guam financial institutions against defrauding customers.


In a letter to Guam financial institutions Congressman San Nicolas praises certain financial institutions for proactively helping their customers, and cautions others against defrauding them.

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," opened Congressman 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," Congressman San Nicolas added. "Fraudulently making the process of disaster relief more difficult is a serious offense that should not be inadvertently committed," Congressman San Nicolas concludes.

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 the Office of Congressman San Nicolas at sannicolas.house.gov.


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.

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