Dodd: More Info about Loan Mods, Please
Apparently Sen. Chris Dodd (D-CT), chairman of the Senate banking committee, has been hearing the same complaints of confusion and delays as we have about the government's foreclosure mitigation program. Today, he drilled Herb Allison, the nominee to head up the TARP, about the Making Home Affordable program. Dodd called for more detailed public information and a clearer path to air complaints. (We also pointed out that the complaint process is uneven across states.) He said:
We don't want to wait weeks or months to find out whether or not this is working or not. The concern is it's not working as well as all of us up here would like it to work. And we need to know whether or not we need to do something, what can you do and what can the administration do to get this back on track again.
Foreclosure Crisis: Banks and Government Fail Homeowners
Banks and the government have fallen short in helping homeowners in danger of foreclosure.
The Story So Far
Systemic failures at the country’s banks and mortgage servicers have exacerbated the most severe foreclosure crisis since the Great Depression, and government efforts to limit the damage have fallen short. ProPublica created an unrivaled database of homeowners who have faced foreclosure, opened a Facebook page to encourage homeowners to share their stories, wrote profiles of some of them, and incorporated their experiences into our reporting. We also provided a comprehensive rundown of the numbers behind the crisis.
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