Washington, DC – Today, the National Community Reinvestment Coalition will testify before the House Oversight and Government Reform Committee, which has opened an investigation into Making Home Affordable, the federal foreclosure prevention program. As part of the Committee’s investigation, NCRC released a survey of homeowner experiences in the loan modification process, conducted by over 29 housing counseling organizations affiliated with the organization.
“We’ve surveyed housing counselors from the front lines of the foreclosure crisis, and they tell us that the battle is being lost.” said John Taylor, president & CEO of the National Community Reinvestment Coalition. “While this administration has been more proactive than the last, Making Home Affordable is simply failing to make enough of a difference relative to the size of the problem. It’s not for lack of good ideas, including more aggressive principal reductions that this crisis has been allowed to continue mostly unabated. The end result, if we don’t get ahead of this problem now, is the ongoing loss of wealth from America’s communities.”