The House Financial Services Committee is holding hearings this week into mortgage lenders’ efforts to help struggling homeowners avoid default. The testimony from one state official was less than encouraging.
“Based upon our experiences in Massachusetts, lenders, holders and servicers have not lived up to their very public promises of avoiding foreclosures by achieving loan modifications,” said Massachusetts Attorney General Coakley, who testified today. “We have been very active at the state level in urging the mortgage industry to take meaningful action to decrease the number of foreclosures, but we need Congress’ continued help in effectuating real change.”
Today, Massachusetts Attorney General Martha Coakley submitted testimony to the U.S. House Financial Services Committee regarding her office’s findings and observations with regard to the lack of progress in securing mortgage loan modifications for homeowners who are struggling to make payments and facing foreclosure.
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