I wish there was, in fact, a rule in place that said the foreclosure track will not be pursued until the modification is completed.
The situation is that often when folks seek a modification, they are told by the servicer, you need to be delinquent before you start this.
Thank you.
OK. So, ballpark, can you tell me between the two institutions or for your institution how many more repurchase--are we talking a billion do...
So often, we are coming into the story down the road when it has exploded.
And that would not be because the number of folks falling into foreclosure action is declining, so to what do you attribute that?
So essentially, you say when there is recognition that a modification cannot be completed, then we need to push through to foreclosure.
Thank you for noting that.
Thank you very much, Mr. Chair, and I will follow up on your questions related to the put-back with our folks, Mr. Edwards and Mr. Bisenius ...
I will just close with this comment, and that is that the perspective presented by major banks before this Committee was that they are suspe...
We all like things to be efficient and move quickly, get resolution for people, clarity for people.
OK. So let me lay it out this way, then. If the four largest banks have reserves for repurchase of about $10 billion...
The current foreclosure crisis has been difficult and unprecedented, and we are far from done.
I encourage every possible effort to try to make this modification track work better because it is an abysmal failure in terms of national p...
I think all the Members of this Committee have constituents who are in the modification process.
It is important to have national standards, but it is also important to have one regulatory agency that takes this on as its job with an eye...
It is not certainly only shocking, but it is one example of how banks have mishandled both foreclosures and mortgage modification requests.
And that just cannot continue to happen, Mr. Chairman.
