Senators Seek Improvement to Foreclosure Programs

A bipartisan group “of 18 senators called on top Obama administration officials this week to improve federal foreclosure programs, a different track than House Republicans who proposed pulling the plug on foreclosure efforts entirely Thursday,” POLITICO reports.

The senators, led by Jeff Merkley (D-Ore.) and Olympia Snowe (R-Maine), the only Republican to sign on, urged swift streamlining of federal loan modification programs to a wide-ranging list of Obama top brass, including Treasury Secretary Timothy Geithner, Secretary of the Department of Housing and Urban Development Shaun Donovan, and Federal Reserve Chairman Ben Bernanke.

“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 senators wrote Thursday. “We believe those standards should include establishing a single point of contact, ending the dual track of pursuing foreclosure during the loan modification process, and ensuring an independent third-party review prior to sending a homeowner to foreclosure.”

Who else signed the letter:

Co-signing the letter was: Daniel Akaka (D-HI), Mark Begich (D-AK), Jeff Bingaman (D-NM), Richard Blumenthal (D-CT), Dick Durbin (D-IL), Al Franken (D-MN), Frank Lautenberg (D-NJ), Patrick Leahy (D-VT), Carl Levin (D-MI), Robert Menendez (D-NJ), Jack Reed (D-RI), Chuck Schumer (D-NY), Jeanne Shaheen (D-NH), Tom Udall (D-NM), Sheldon Whitehouse (D-RI), and Ron Wyden (D-OR).

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Filed under Housing, Letters

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