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John Taylor

Foreclosure Prevention Gains Little Ground

By / / Press Releases / 2 minutes of reading

Voluntary nature, rising unemployment and underwater homeowners impede progress of foreclosure prevention program

Washington, DC -Today, the Treasury Department released figures for the Home Affordable Modification Program (HAMP) through April of this year. The numbers show that roughly 300,000 borrowers have received a permanent modification under the program. Meanwhile, foreclosure filings continue at a rate above 300,000 for the 14th straight month, according to Realty Trac .

"The latest HAMP numbers continue to be underwhelming. While it’s clear that some progress has made, it’s been incremental at best. The program is positioned to help a very modest percentage of borrowers weather the storm, but not to end the foreclosure crisis. At these levels of prevention, the foreclosures will continue to gnaw away at the economy," said John Taylor, president and CEO of the National Community Reinvestment Coalition (NCRC).

 

 

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Wall Street Pulling Out All the Stops to Maintain Veil of Secrecy

By / / Press Releases / 3 minutes of reading

Wall Street Pulling Out All the Stops to Maintain Veil of Secrecy and Avoid Accountability Brought by Financial Reform Bill

Senate bill needs to get stronger to protect consumers

Washington, DC — As the Wall Street reform debate opens in the Senate, the financial services lobby is pulling out all the stops to weaken or even kill the financial reform bill.  On a mission to fight off oversight and accountability, Wall Street banks have already poured in millions of dollars, deployed over a thousand lobbyists, including former members of congress, all in efforts to fight off the bill and guard their lofty profits. The National Community Reinvestment Coalition urged the Senate today to fight on behalf of the American people for strong reform that ensures that the financial system is fair, transparent, and accountable.

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