House Financial Services Committee on HAMP and Loan Modifications

U.S. Congress website ^ | 12/07/2009 | Barney Frank

[whitedog57]

Full Committee Hearing

The Private Sector and Government Response to the Mortgage Foreclosure Crisis

10 a.m., Tuesday, December 8, 2009, 2128 Rayburn House Office Building.

The topic for the hearing is the private sector and government response to the Mortgage Foreclosure Crisis. Please address any of the following questions which you believe you are qualified to address:

Assess the extent and effectiveness of the federal government’s programs and initiatives (including the Making Home Affordable Program) for addressing the mortgage default and foreclosure crisis and for creating more sustainable mortgage payments for at-risk homeowners.

Assess the performance of private sector participants, including mortgage investors and servicers, in making loan modifications and in participating in the Making Home Affordable Program.

Address reasons why there appears to be a low level of principal write downs for underwater mortgages, including any suggestions you may have to increase such actions.

Are there disparities regarding foreclosure avoidance activities with respect to borrower income, race and ethnicity, or geographic location?

Identify any market, statutory, or regulatory impediments to effective foreclosure avoidance activities and to creating more sustainable homeowner mortgage payments.

[whitedog57]

Will any of the people testifying come out and say that the President's HAMP program for loan modifications and keeping people in their homes ISN'T WORKING? Do any of these people have any courage? It will likely be representatives from the big banks, the Center for Responsible Lending, and an independent academic (hopefully from University of Chicago or George Mason and not from Harvard, Princeton, Yale, etc).

This is an important hearing because Frank wants to take over the banks and "socialize" lending. Therefore, SOMEONE has to stand up and say why Obama/FDIC loan mods aren't working and why.

[whitedog57]

Typical Congressional model for hearings is 1) first panel will probably be the banks, Center for Responsible Lending (critical of banks), etc. 2) second panel will probably be regulators, Treasury and other Obama cheerleaders.

The banks, realistically, can’t criticize the Obama/FDIC loan mod programs since they are under severe government influence (ownership, regulated, etc).

Watch the hearing and write your Congress Critter about the complete cowardice in Washington.

[Wally_Kalbacken]

From where I sit in South Florida, it’s clear that we need to let the market (for housing) crash down to a level where this can start to clear. These programs, which are not particularly effective, have the impact of holding up prices.

[whitedog57]

I couldn’t agree with you more. These programs are poorly designed and actually bad. Someone needs to tell Barney Frank that they suck.

[FromLori]

related

Millions More Are At Risk Of Foreclosure Than Anyone Realizes

http://www.freerepublic.com/focus/f-news/2402038/posts

Of course, the government’s potential losses extend beyond the Treasury program. The Federal Reserve, for example, still holds a trillion-dollar portfolio of mortgage-backed securities whose market value is unknown.

http://www.nytimes.com/2009/12/07/business/07tarp.html

[whitedog57]

Washington, DC – House Financial Services Committee Chairman Barney Frank (D-MA) today announced that the committee will hold a hearing entitled “The Private Sector and Government Response to the Mortgage Foreclosure Crisis” on Tuesday, December 8.

Who: House Financial Services Committee
What: Hearing: “The Private Sector and Government Response to the Mortgage
Foreclosure Crisis”
When: Tuesday, December 8
10:00 a.m.
Where: Room 2128, Rayburn House Office Building

Panel one

• Ms. Molly Sheehan, Senior Vice President, Chase Home Finance (JPMorganChase)
• Mr. Jack Schakett, Risk Management Executive, Credit Loss Mitigation Strategies (Bank of America)
• Ms. Julia Gordon, Senior Policy Counsel, Center for Responsible Lending (Commie)
• Dr. Anthony B. Sanders, Distinguished Professor of Real Estate Finance, Professor of Finance School of Management, George Mason University (conservative, free market economist)
• Ms. Laurie Goodman, Senior Managing Director, Amherst Securities, LLP (Sell out)
• Mr. Bruce Marks, Neighborhood Assistance Corporation of America (Commie)

Panel two

• The Honorable Herbert M. Allison, Jr., Assistant Secretary for Financial Stability, U.S. Department of the Treasury (Commie)
• Mr. Michael H. Krimminger, Special Advisor for Policy, Office of the Chairman, Federal Deposit Insurance Corporation (Commie)
• Mr. Douglas W. Roeder, Senior Deputy Comptroller Large Bank Supervision, Office of the Comptroller of the Currency (Commie)