The situation is that often when folks seek a modification, they are told by the servicer, you need to be delinquent bef...
I wish there was, in fact, a rule in place that said the foreclosure track will not be pursued until the modification is...
It is not certainly only shocking, but it is one example of how banks have mishandled both foreclosures and mortgage mod...
Because of those existing agreements, what you are describing has little practical effect because Fannie and Freddie are...
I have serious concerns about that process.
I am very concerned about the legal issues getting resolved, in part because this poses a huge systemic risk to our bank...
So we have so many folks coming to our office in Oregon who over here are working with the servicer to modify their loan...
We have made our new payment for over a year and are still receiving foreclosure notices.
I just want to put that forward.
That would be great. This is the last question I will ask, though everything we talk about is so complex and interrelate...
I will just close with this comment, and that is that the perspective presented by major banks before this Committee was...
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.
We are much more worried about this than I think perhaps Treasury is, based on your testimony.
That does not seem to be working in a way that we want it to.
Thank you for your leadership on Dodd-Frank, a huge effort to try to stabilize our financial sector.
I think it is important that you flagged it in your testimony and that we continue to pay attention to it in a Congressi...
