Wednesday, March 9, 2011

Foreclosure Aid on Chopping Block as Democratic Support Fades

I usually try to report only on laws that have past, not proposed legislation.   Because legislation can change or even be rejected.  However, this looks like this will past and it will have big impact on the mortgage industry.
While the attack on the program has been led by the chamber’s majority Republicans, 18 House Democrats said in a letter dated March 7 to Vice President Joe Biden that HAMP is flawed and abandons distressed homeowners to “abusive” mortgage servicers. They said foreclosure problems have grown too urgent to wait for a legal settlement being negotiated by regulators, the states and banks including Bank of America Corp. (BAC) and JPMorgan Chase & Co. (JPM)
The letter, sent by a group led by Representative George Miller of California, demanded a meeting with Biden, who leads a White House task force on the middle class. The lawmakers asked for the meeting after what Miller called an “unsatisfactory” session last week with Treasury Secretary Timothy F. Geithner and Housing and Urban Development Secretary Shaun Donovan.
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