Thank you very much, Madam Chair, and thank you all for your testimony today to highlight the importance of these projects.
I can hardly go to a town hall and not have someone speak about the challenges to the community from the recertification process.
By the Corps' own data, Oregon has nearly 200 communities and 24 counties with levees that will need recertification.
So that is a process you are actively pursuing? You are requesting those changes in the servicing contract?
Did the safe harbor not provide enough protection to disconnect the foreclosure track from the modification track?
I am completely dissatisfied. We will continue the conversation.
So, Professor, in that case the financial incentives to pursue foreclosure are not offset by, if you will, defense of the reputation of the ...
Because of the constituents streaming in our doors with the enormous stress connected with working on a modification...
I just want to put that forward.
We have made our new payment for over a year and are still receiving foreclosure notices.
So we have so many folks coming to our office in Oregon who over here are working with the servicer to modify their loan, but then they are ...
I am very concerned about the legal issues getting resolved, in part because this poses a huge systemic risk to our banking system as a whol...
I just wanted to clarify a couple of points.
That would be great. This is the last question I will ask, though everything we talk about is so complex and interrelated, I have 100 questi...
If I can summarize what I just heard, you are not contesting her analysis of the financial incentives that certainly favor foreclosure, but ...
That does not seem to be working in a way that we want it to.
We are much more worried about this than I think perhaps Treasury is, based on your testimony.
Because of those existing agreements, what you are describing has little practical effect because Fannie and Freddie are telling those servi...
