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Full Committee Hearing
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Accelerating Loan Modifications, Improving Foreclosure Prevention and Enhancing Enforcement
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Thursday, December 6, 2007, 10:00 a.m., 2128 Rayburn House Office Building
Full Committee
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Click Here To Watch Archived Webcast |
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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.
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Witness List & Prepared Testimony:
Panel One
- The Honorable Sheila C. Bair, Chairman, Federal Deposit Insurance Corporation
- The Honorable Randall S. Kroszner, Governor, Board of Governors of the Federal Reserve System
- The Honorable John C. Dugan, Comptroller, Office of the Comptroller of the Currency
- The Honorable Gigi Hyland, Board Member, National Credit Union Administration
- Mr. Scott M. Polakoff, Senior Deputy Director and Chief Operating Officer, Office of Thrift Supervision
- Mr. Mark E. Pearce, North Carolina Deputy Commissioner of Banks, on behalf of the Conference of State Bank Supervisors
Panel Two
- Tom Deutsch, Deputy Executive Director, American Securitization Forum
- Ms. Faith Schwartz, Executive Director, HOPE NOW Alliance
- Mr. Hilary O. Shelton, Director, National Association for the Advancement of Colored People
- Mr. Damon Silvers, Associate General Counsel, AFL-CIO
- Dr. Richard Kent Green, Oliver T. Carr, Jr. Chair of Real Estate Finance, The GW School of Business, George Washington University
Panel Three
Available Member Statements: Representative Kanjorski
Printed Hearing: 110-83
Related Documents:
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