rssHouse Oversight Panel to Examine Foreclosure Prevention Efforts
Friday, March 19, 2010 at 2:48 pm
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A few weeks back, it was the House Oversight Committee’s domestic subpanel that examined the effectiveness of the White House programs designed to curb foreclosures. (They weren’t pleased.) Now, the full committee will have a crack.
Rep. Edolphus Towns (D-N.Y.), chairman of the Oversight panel, just announced a March 25 hearing to appraise Obama’s anti-foreclosure efforts, particularly the Home Affordable Modification Program. That initiative was sold as a way to help 3 to 4 million struggling homeowners by offering lenders financial incentives to modify mortgages voluntarily. As of last month, only 116,000 permanent mods had been finalized — a number that’s left lawmakers on both sides of the aisle unhappy with HAMP’s progress.
Next week, they’ll have even more data to scrutinize. Neil Barofsky, lead watchdog over the Troubled Asset Relief Program, is scheduled will release his report on HAMP management.
Other witnesses will include Herbert Allison, Jr., the Treasury’s assistant secretary for financial stability, and Gene Dodaro, who heads the U.S. Government Accountability Office.
The reasons behind the gathering are clear: While Wall Street is back to sipping champagne (literally), more than 308,000 homeowners suffered foreclosure last month alone, up 6 percent from the year before, according to RealtyTrac.
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Comment posted March 26, 2010 @ 7:55 pm
The whole help for foreclosure is mind boggling. We went into a short sale with BoA a year ago. We are 5 buyers later and now the had a sheriff sale so in August we will lose the home. We did fine with the whole thing until we lost a job and more than half our income. Our house also lost more than 40k of it's value. If they would make our payment to what we can afford now I would not leave our HOME. They kept us hanging on the short sale idea till we are so far deliquent it's ridiculous. I see no hope anywhere. After a year of this, there is no possible help to come in time for us. If the payment was within our reach we would pay until forever. When the job loss came we knew we would not be able to do the mortgage at the current rate and short sale seemed like the best option. WE are NOT irresponsible people. We've been just fine for 30 years. I worked for a company with 130 years in the newspaper business. Who would have thought the job would go. After a year I can do nothing but say I'm tired, depressed, beat down and done. Do what you may….we no control.
Comment posted June 27, 2010 @ 10:02 am
When the job loss came we knew we would not be able to do the mortgage at the current rate and short sale seemed like the best option. WE are NOT irresponsible people. We've been just fine for 30 years. I worked for a company with 130 years in the newspaper business. Who would have thought the job would go.
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