May 9, 2008: CRC Testifies at Congressional Hearings

CRC Associate Director Kevin Stein testified in Congress before the United States House of Representatives Subcommittee on Housing and Community Opportunity April 16, 2008.

The Subcommittee was considering  H.R. 5679, the Foreclosure Prevention and Sound Mortgage Services Act of 2008, authored by Chairwoman Maxine Waters.

The bill, which CRC strongly supports, would obligate loan servicers to discuss loss mitigation options with borrowers. "The current framework for loss mitigation, which relies on voluntary efforts by the industry, is not working to stop the wave of foreclosures," testifed CRC's Kevin Stein.

The testimony highlighted the findings of CRC's report, "The Growing Chasm Between Words and Deeds,"which found that servicers in California were not working hard enough to keep borrowers in their homes. For a copy of Kevin's oral testimony, click here. For a copy of the Kevin's written testimony, click here.