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“Inspector Reports That a Program to Help Prevent Foreclosures Has Fallen Short” (news article, July 22) not only highlighted the shortcomings of federal efforts to address the foreclosure crisis, but also the urgent need for banks to do more to help families stay in their homes.
The current loan modification process is plagued by bureaucratic runarounds. Homeowners are frustrated by the unanswered phone calls, lost paperwork and seemingly endless red tape. The status quo approach is clearly not working.
I have partnered with a coalition of labor and clergy leaders to call on five major banks to reform their loan modification process. Our goal is to engage in a substantive dialogue that will identify best practices, and carry out bank policies that are more responsive and effective for families facing foreclosure.
Read more from the NY Times
