Marcy Kaptur: “Banks and mortgage servicers should be mandated to disclose contact information, phone numbers, and lay services for…”

“Banks and mortgage servicers should be mandated to disclose contact information, phone numbers, and lay services for their loss mitigation departments. Citizens attempting to do workouts on loans must have these recalcitrant institutions at the table. In addition, as I've said for months, forthcoming improvements to the bill should include a short-term foreclosure moratorium, perhaps 3 months, to help hundreds of thousands of Americans avoid foreclosure. And, most importantly, Congress should vote again on allowing judges the flexibility to modify the terms of mortgage loans in bankruptcy court proceedings. Frankly, the Senate should filibuster on this issue. In other words, do for the homeowner what the Federal Reserve has done for the big banks. Without enacting tougher legislation, a 'no' vote on this rule and the one to follow will allow for a more effective set of bills to come before us that will really address the comprehensive foreclosure needs of the American people. I'm glad to see the progress we've made, but we could go so much further.”