Washington – On Dec. 1, the Senate Banking Committee held a hearing to discuss the much-publicized mortgage servicing and modification problems that led to several major banks halting their foreclosure proceedings across the nation, according to a report from the National Council of State Housing Agencies, a national advocate for affordable housing.
Last month, the banking committee focused on foreclosure processing problems associated with the technology known as robo-signing. The latest hearing looked at problems associated with loan modifications under the Obama administration’s Home Affordable Modification Program.
Read more about the debate in Washington as legislators struggle to balance the concerns of lenders and borrowers in the wake of one of the most severe economic downturns since the Great Depression. Also, visit DHCD’s website to learn about resources for embattled families such as the MDHOPE Counseling Network and foreclosure mediation.