WASHINGTON – In a House hearing yesterday examining the role of the private sector in mortgage modification, Rep. Barney Franks (D-Mass.) all but promised legislation next year aimed at giving mortgage servicers legal authority to renegotiate troubled loans.
Franks said that while the private sector has made encouraging steps to resolve the mortgage crisis, mortgage servicers have been sitting on the sidelines.
Franks, who explained that servicers face a serious obstacle in modifying mortgage loans because they lack the legal authority to do so, said legislation is needed and that Congress has to restructure the servicing mechanism.
Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.
Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking credit union news and analysis, on-site and via our newsletters and custom alerts
- Weekly Shared Accounts podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the commercial real estate and financial advisory markets on our other ALM sites, GlobeSt.com and ThinkAdvisor.com
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
