The Implementation of the Hope for Homeowners Program and A Review of Foreclosure Mitigation Efforts

Wednesday, September 17, 2008, 10:00 a.m., 2128 Rayburn House Office Building
Full Committee

 Financial Services Committee to Hold Hearing on Implementation of Hope for Homeowners Program

            Washington, DC – Rep. Barney Frank (D-MA), chairman of the House Committee on Financial Services, today announced that the committee will hold a hearing to examine the implementation of the Hope for Homeowners program.  The committee will also review foreclosure mitigation efforts by loan servicers.

            In July, Congress passed and President Bush signed legislation designed to help at least 400,000 borrowers who have fallen behind in their payments due to a combination of unaffordable mortgages and falling home prices.  The rescue provisions, which will refinance qualified individuals through the FHA program, will take effect on October 1. 

Witness List & Prepared Testimony:

Panel one

Panel two

• The Honorable Elizabeth A. Duke, Governor, Federal Reserve Board of Governors
• The Honorable Phillip L. Swagel, Assistant Secretary for Economic Policy, U.S. Department of the Treasury
• The Honorable Brian D. Montgomery, Assistant Secretary for Housing-Federal Housing Commissioner, U.S. Department of Housing and Urban Development
• The Honorable Thomas J. Curry, Director, Federal Deposit Insurance Corporation
  

Panel three

• Mr. Steven D. Hemperly, Senior Vice President, Mortgage Default Servicing, CitiMortgage
• Ms. Molly Sheehan, Senior Vice President, Chase Home Lending
• Mr. Michael Gross, Managing Director for Loss Mitigation, Mortgage, Home Equity and Insurance Services, Bank of America
• Ms. Mary Coffin, Executive Vice President, Wells Fargo Home Mortgage

Panel four

• Mr. Mossik Hacobian, President, Urban Edge Housing Corporation
• Ms. Tara Twomey, Of Counsel, National Consumer Law Center
• Mr. Ron Phipps, First Vice President, National Association of Realtors
• Mr. Alan M. White, Assistant Professor, Valparaiso University School of Law

Available Member Statements:

Printed Hearing:
The printed version of this hearing will be posted as soon as it is available.

Related Documents: