MortgageOrb: Sen. Blumenthal Announces New Servicing Probe

Sen. Blumenthal Announces New Servicing Probe

by MortgageOrb.com on Tuesday 12 July 2011

comments: 2

Sen. Richard Blumenthal, D-Conn., has announced plans to launch a new investigation into mortgage servicing practices.

The investigation will be conducted through the Senate Judiciary Committee. Blumenthal will ask the nation's leading servicers to explain their current operational policies, as well as their procedures related to filing proofs of claim in the bankruptcy courts.

"The rate of foreclosure and families that struggle with their mortgage payments is one of the single largest barriers to economic recovery that we still see today," says Blumenthal. "This investigation will ask the tough questions to bring about real changes to this broken system so that people can no longer be given the runaround when trying to stay in their homes."

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Comments

	Polly	Reply
	12 Jul 2011: 19:42
	Sen. Blumenthal Announces New Servicing Probe Yes, it's just WRONG when mortgage companies expect families to pay their mortgage payments. You GET 'EM, Senator. You ask the tough questions and don't let them kick people out of "their" homes just because they violate their contracts.

	CHUCK	Reply
	14 Jul 2011: 08:52
	Sen. Blumenthal Announces New Servicing Probe i HAVE BEEN ASSISTING HOMEOWNERS SINCE 2008 IN MODIFYING THEIR MORTGAGES. I WAS A MORTGAGE BROKER SINCE 1982. I WORKED AS A CONSULTANT AND IN INSURANCE AND AS A REAL ESTATE BROKER. IT IS A DAUNTING TASK TO WORK WITH FRIGHTENED HOMEOWNERS EVEN WHEN THEY HAVE CREATED NEW INCOME SOURCES BUT CAN NOT AFFORD ATTORNEYS. THEY CAN WIN BUT MUST BE DILIGENT AND PATIENT.

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