Rep. Rosa DeLauro, D-Conn., has introduced the Regulation of Mortgage Servicing Act, which is designed to establish national standards for mortgage lenders while assisting families trying to avoid home foreclosure.
‘For many families, the dream of owning a home has become a nightmare,’ says DeLauro. ‘We need to make sure mortgage servicers play by the rules and are working first and foremost to help families. That is why I have introduced the Regulation of Mortgage Servicing Act, which establishes clear national standards for mortgage servicers to improve interactions between them and struggling homeowners, as well as requiring a third-party review of all foreclosure proceedings to ensure that families have every opportunity to keep their homes.
‘It is time to make our system work for American consumers again,’ DeLauro adds. ‘We need accountability for the past crimes, and new rules to clean up the system moving forward. This bill will get it done.’