Financial Services Committee Holds Hearing on the Administration’s Progress in Preventing Mortgage Foreclosures
November 2, 2007
Washington, DC—Rep. Barney Frank, Chairman of the House Financial Services Committee, conducted a hearing to examine recent progress in coordinating lenders, mortgage servicers, and nonprofit organizations to prevent mortgage foreclosures, encourage modifications of troubled loans, and assist at-risk homeowners. One focus of the hearing will be the “HOPE NOW” initiative; an alliance consisting of lenders, servicers, and community-based counselors whose formation was announced by the Departments of Treasury and Housing and Urban Development on October 10, 2007.
“I welcome the Administration’s initiative, and I think it is important that we now get a chance to review the progress and see if there are ways that we can help with it,” said Chairman Frank.
Witness List & Prepared Testimony:
- The Honorable Robert K. Steel, Under Secretary for Domestic Finance, U.S. Department of the Treasury
- The Honorable Brian D. Montgomery, Assistant Secretary for Housing-Federal Housing Commissioner, U.S. Department of Housing and Urban Development
- The Honorable Tom Miller, Attorney General, State of Iowa
- Mr. Kenneth Wade, Chief Executive Officer, NeighborWorks America
- Mr. Bruce Marks, Chief Executive Officer, Neighborhood Assistance Corporation of America
- Mr. Bill Longbrake, Anthony T. Cluff Senior Policy Advisor, The Financial Services Roundtable
- Mr. Sandor Samuels, Executive Managing Director, Countrywide Financial Corporation