[StBernard] FSC Website Update- Schedule Update

[Westley Annis]

Thursday, December 6, 2007
10:00 a.m., 2128 Rayburn House Office Building The Financial Services
Committee will hold a hearing "Accelerating Loan Modifications, Improving
Foreclosure Prevention and Enhancing Enforcement"

 

 

Financial Services Committee to Hold Hearing on Loan Modifications and
Foreclosure Prevention

 

Washington, DC - Rep. Barney Frank, Chairman of the House Committee on
Financial Services, today announced that the committee will hold a hearing
entitled "Accelerating Loan Modifications, Improving Foreclosure Prevention
and Enhancing Enforcement."  The hearing will examine recent proposals to
improve the pace and volume of mortgage loan modifications that may help
troubled borrowers remain in their homes.  Most modifications to subprime
loans are being made by servicers and lenders on a case-by-case basis, which
be may slowing the pace and limiting the number of these workouts.   

 

The hearing will also address specific issues arising from House
consideration of H.R. 3915, the Mortgage Reform and Anti-Predatory Lending
Act, which was approved by the House November 16.  In particular, the
hearing will focus on:

 

*	a proposal from Rep. Castle, offered as an amendment to the bill and
introduced in modified form as H.R. 4178, to provide a safe harbor from
legal liability for mortgage market participants who modify mortgage loans
according to certain criteria
*	a proposal from Reps. Frank, Miller and Watt, offered as an
amendment to the bill, that would add civil monetary penalties for a
"pattern and practice" of violations of the bill's basic lending standards.


 

 

http://financialservices.house.gov/