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Washington
Foreclosure debate heightens
WASHINGTON (10/12/10)--Attention to the topic of mortgage foreclosures has sparked in the past week, although it never fully cools off or falls completely to the background--not since the country’s housing crisis was first acknowledged. In a recent development, the Senate Banking Committee has scheduled a Nov. 16 hearing to investigate the charges that have been flying that there has been improper and fraudulent mortgage servicing and foreclosure processing. “American families should not have to worry about losing their homes to sloppy bureaucratic mismanagement or fraud,” said the committee chairman, Sen. Christopher Dodd. The Connecticut Democrat said recent allegation that some of the nation’s largest lenders have engaged in shoddy, at best, practices in their foreclosure action has him “deeply troubled.” “I am deeply troubled by recent revelations and allegations of practices by some of the nation’s largest lenders. Regulators at the federal, state, and local levels have a responsibility to uphold the law and protect consumers from unfair foreclosure, and lenders have a duty to not cut corners around the law,” Dodd said in a release that announced the hearing. Last week, it was widely reported that four major mortgage servicers were suspending foreclosures while allegations of improper actions are investigated. And President Obama made it known that he would not sign a bill, passed by the U.S. House in April but pushed through the Senate just before recess, which would have required that foreclosure documents notarized in one state be recognized in other states.


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