Political Quotes

“today I am introducing the Mortgage Modification Outreach Act. Despite some promising indicators in the housing market, many homeowners continue to face the threat of foreclosure. In my home state of Rhode Island, 22.6 percent of mortgages are underwater and 7.65 percent of homeowners are either in the foreclosure process or at least 90 days delinquent on their payment, a level which is higher than the national average. I have heard from many of my constituents about the difficulties they experience when applying for loan modifications, and so the bill I am introducing focuses on providing homeowners with a face and a place where they can get more help. First, the bill establishes a pilot program that would allow homeowners to receive information on how to reach their single point of contact by simply visiting a consumer banking branch affiliated with their mortgage servicer. Second, at the same affiliated bank branch, the homeowner can receive the address of a nearby location at which the homeowner can, at no cost in some cases, copy, fax, scan, or send all the paperwork that is required during the loan modification process. Simply put, my bill would enable a borrower to walk into the local bank branch affiliated with their mortgage servicer and get some face to face help.…”