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Senators Advocate Restructuring Foreclosure Programs and Processes
While both the House and Senate seem to have similar ideas – that changes in foreclosure prevention are needed, and fast – the groups seem to have completely different takes on how to achieve those changes.
This week members of a House subcommittee and committee reviewed proposals advocating for the termination of four foreclosure prevention programs, the Home Affordable Modification Program (HAMP), HUD’s Neighborhood Stabilization Program, the Federal Housing Administration (FHA) Refinance Program, and the Emergency Mortgage Relief Fund.
“We write you today to urge you to establish clear national regulatory standards for the loan servicing industry that eliminate confusion and barriers to mortgage modification and help keep families in their homes,” the letter began.
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