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Helping Homeowners Avoid Foreclosure

More on Helping Homeowners Avoid Foreclosure

July 20, 2011 Press Release

Congresswoman Waters (CA), Ranking Member on the Subcommittee on Capital Markets and Government Sponsored Enterprises, today led 11 of her colleagues in the House of Representatives urging U.S. bank regulators to publicly release information regarding the steps that mortgage servicers are taking to prevent illegal foreclosure practices.   An identical letter was sent by U.S. Senator Robert Menendez (NJ), Chairman of the Senate Subcommittee on Housing, Transportation, and Community Development, and nine additional Senators. 

June 9, 2011 Press Release
Rep. Maxine Waters (CA) applauds the Treasury Department's enforcement of Home Affordable Modification Program (HAMP) requirements on mortgage servicers:
April 15, 2011 Press Release

Congresswoman Maxine Waters (D-Calif.) yesterday reintroduced H.R. 1567, the Foreclosure Prevention and Sound Mortgage Servicing Act of 2011. Congresswoman Waters has introduced similar legislation since the 110th Congress, and has long maintained that the servicing industry is broken. By reintroducing and updating the bill, Congresswoman Waters continues to demonstrate her commitment to ending the foreclosure crisis and holding servicers accountable.

April 15, 2011 In The News

by Jon Prior

Mortgage servicers may have to review as much as $535 billion in loans for possible remediation to borrowers who suffered financially from improper foreclosures, according to an estimate from the investment bank Keefe, Bruyette & Woods.

Remediation was one of the requirements of the consent orders signed between 14 mortgage servicers and the Office of the Comptroller of the Currency and the Federal Reserve after an investigation into foreclosure problems. The regulators found the problem had spread industry wide.

April 14, 2011 In The News

By Alejandro Lazo and E. Scott Reckard

Citing "pervasive" misconduct in foreclosures, federal regulators have ordered the nation's biggest banks to overhaul their procedures and compensate borrowers injured financially by wrongdoing or negligence.

The four major bank regulators said their actions, to be followed by fines, wouldn't interfere with a wider-ranging investigation conducted by a coalition of state attorneys general and other federal agencies, including the departments of Justice, Treasury and Housing and the Federal Trade Commission.

April 14, 2011 In The News

By Dina ElBoghdady

Three federal agencies announced agreements with the nation's largest mortgage servicers Wednesday that aim to stem shoddy foreclosure practices. But the plans do not immediately impose financial penalties on the companies or force them to reduce the mortgage debt for troubled borrowers.

April 13, 2011 In The News

By Lorraine Woellert

The 14 largest U.S. mortgage servicers must pay back homeowners for losses from foreclosures or loans that were mishandled in the wake of the housing collapse, the first of a set of sanctions regulators are seeking against the companies.

The settlement announced today between servicers and banking regulators could help the U.S. Justice Department determine the size and scope of fines for the flawed practices, regulators said.

April 13, 2011 Press Release

Congresswoman Maxine Waters (D-Calif.), a senior member of the Financial Services Committee, released the following statement today:

March 30, 2011 In The News

By Alan Zibel and Jeffrey Sparshott

The U.S. House voted Tuesday to end the Obama administration's main effort to assist troubled homeowners, with Republican lawmakers arguing that the program has failed to ease the foreclosure crisis.

The attempt to shut down the administration's flagship foreclosure-prevention effort, the Home Affordable Modification Program, or HAMP, is the last of four Republican attempts to shut down Obama administration efforts to prevent foreclosures or stabilize troubled neighborhoods.

March 30, 2011 In The News

by Meredith Shiner

The House Tuesday voted to eliminate the last of four Obama administration housing programs, in an effectively symbolic vote to end the controversial Home Affordable Modification Program.

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