NCRC Once Again Calls For Mandate on Bank Loan Modifications
Efforts to keep Americans in their homes sink, as industry lobbyists work to kill efforts to remedy the damage caused by financial crisis
Washington, DC – As Wall Street bonus season begins, the foreclosure crisis continues into its fourth year largely unabated; last year saw ten straight months of over 300,000 foreclosure filings, and a cumulative 2.8 million homes that went into foreclosure last year, according to Realty Trac. Today’s news that only 66,000 borrowers have received permanent loan modifications under the federal Home Affordable Modification Program (HAMP) confirm that the existing responses to the foreclosure crisis can not keep pace with the number of Americans losing their homes. Meanwhile, financial lobbyists continue to fight against strong measures to provide effective oversight of the financial system and mitigate the damage caused by reckless and irresponsible lending and securitization practices, even as their CEOs told the Financial Crisis Inquiry Commission on Wednesday that they support financial regulation.