The Committee for Actual Real Estate Solutions (CARES) reports that a delegation sent to Capitol Hill met with Congressional members to discuss legislative change for the real estate finance industry. Among the topics covered were bankrupty cramdown legislation and various default-related issues.
‘Our primary focus in the beginning of this new administration is to achieve change in the Fair Debt Collection Practices Act allowing default attorneys to be more actively engaged in loss mitigation and home retention practices that assist borrowers in staying in their homes," says CARES officer Robert J. Hopp of Robert J. Hopp & Associates LLC.
The delegation's meetings were held in both the House and the Senate, with participating Congressional members from Arkansas, Colorado, Kentucky, Pennsylvania, Michigan, Missouri, South Carolina and Tennessee, as well as the representatives of the Senate Judiciary, Banking and Commerce committees.
The CARES delegates were asked to participate in the drafting of additional language addressing cramdowns and curbing of the growing mortgage defaults.
CARES says it is "looking toward opening the doors for default attorneys who are regularly in contact with the defaulted borrowers, to educate these borrowers as to options that will allow them to avoid foreclosure and remain in their homes without risk of violating out-of-date collections laws."