Housing
More on Housing
By Ariana Eunjung Cha
Members of Congress criticized federal regulators for failing to recognize problems with the nation's foreclosure system before they were brought to light by media reports, and they called for an examination into whether these issues present a systemic risk to the financial system.
Rep. Maxine Waters (D-Calif.) during a House subcommittee hearing said that a newly created group of senior financial regulators, known as the Financial Stability Oversight Council, should assess the potential impact on the broader economy.
GOP worry that focus on paperwork problems delays recovery
By Ronald D. Orol
The head of a congressional housing committee on Thursday said the Treasury Department hasn't done enough to push lenders to modify mortgages that are close to default.
By Lorraine Woellert and Clea Benson
U.S. House lawmakers criticized the Obama administration's program to prevent foreclosures as a Treasury Department official testified that the initiative has reduced monthly mortgage payments for almost 520,000 homeowners.
Phyllis Caldwell, chief of the Treasury's Homeownership Preservation Office, told House Financial Services Committee members at a hearing today that the number of borrowers aided by the administration's Home Affordable Modification Program had grown from the 495,898 reported in September.
By William Alden
A top Treasury department official said Thursday that the government has still not imposed any fines on banks that do not comply with the Obama administration's mortgage modification program.
In testimony before a House Financial Services subcommittee, Phyllis Caldwell, chief of Treasury's Homeownership Preservation Office, said her department has pursued "non-monetary remedies" but has not actually imposed any fines on banks for not complying with the administration's flagship $50 billion foreclosure prevention program.
By ALAN ZIBEL
House lawmakers scolded federal regulators Thursday, expressing frustration that they failed to investigate problems with foreclosure documents until the issue attracted widespread attention this fall.
Both Democrats and Republicans criticized a panel of regulators at a House subcommittee hearing, especially after officials said their agencies hadn't been paying attention to flaws in foreclosure paperwork until recently.
By Peter Schroeder
Both Republicans and Democrats pressed housing regulators on their inability to combat or prevent the mishandling of mortgage documentation amid foreclosure proceedings during a House Financial Services subcommittee hearing on Thursday.
Rep. Maxine Waters (D-Calif.) pressed housing regulators on the lack of monetary penalties assessed against mortgage servicers that did not meet documentation standards. Waters chairs the subcommittee on housing and community affairs, which held the hearing.
By Ronald D. Orol
By DAVID STREITFELD and NELSON D. SCHWARTZ
Changing the face of foreclosure in America will take some time, several state attorneys general said Wednesday, cautioning that an agreement with major lenders over revamped foreclosure practices was not imminent.