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In a day’s worth of testimony, no one took issue with this happy scenario presented by the grateful bankers until Julia Gordon, a housing expert from the Center for Responsive Lending, took the stand and dove straight in.
“The bankers touched upon their sleepless nights at the height of the crisis. Today, 6.5 million American are suffering sleepless nights, every night, wondering if they will have a home tomorrow.” And it is not over: “our data shows that by the end of 2014, 13 million Americans will lose their homes,” she said. Gordon testified that the banks were failing to modify loans at any meaningful rate and that they pursued modification procedures in parallel with foreclosure procedures. The result is that hopeful homeowners are often surprised at the door by sheriff’s deputies ready to kick them to the curb.
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