Capital Markets Subcommittee Examines Legislation to Facilitate Mortgage Loan Modifications by Servicers

April 16, 2008

Washington, DC — Congressman Paul E. Kanjorski (D-PA), Chairman of the Subcommittee on Capital Markets, Insurance, and Government Sponsored Enterprises, today announced that the Subcommittee will hold a hearing on H.R. 5579, the Emergency Mortgage Loan Modification Act of 2008, on Tuesday, April 15, 2008 at 2:00 p.m. Chairman Kanjorski and Congressman Michael N. Castle (R-DE), a senior Member of the Capital Markets Subcommittee, recently introduced H.R. 5579.  This bill aims to clarify the responsibilities of and provide a safe harbor from legal liability for mortgage servicers who help troubled borrowers remain in their homes by engaging in loan modifications and workouts according to specific criteria.

“H.R. 5579 is one potentially important and effective response to the current problems in the mortgage marketplace. In brief, our bipartisan bill aims to help keep more families experiencing financial difficulties in their homes by eliminating legal uncertainty for mortgage servicers. If enacted, this legislation ought to promote more loan modifications by the private sector,” said Chairman Kanjorski. “I look forward during the hearing to discussing this legislation with a number of interested parties and to determining what other changes we need to make to the bill. With a similar measure now pending in the Senate, we have an opportunity with this hearing to advance the legislative process and reach a bicameral consensus quickly.”

“I believe Congress can take specific steps to ensure loan servicers work with home owners to keep mortgages solvent where ever practical,” said Congressman Castle.  “This hearing presents us with a goal to advance the issue and I will continue to work with Congressman Kanjorski and other members of the Financial Service Committee to achieve that goal.”

Witness List & Prepared Testimony:

  • Mr. Ralph DaLoisio, Managing Director, Natixis Structured Finance Group, on behalf of the American Securitization Forum
  • Mr. Robert E. Story, Jr., President, Seattle Financial Group, and Vice Chairman, Mortgage Bankers Association, on behalf of the Mortgage Bankers Association
  • Mr. Marlo A. Young, Partner, Thacher Proffitt & Wood LLP

Available Member Statements:


Contact ALTA at 202-296-3671 or communications@alta.org.

SoftPro, based in Raleigh, NC, offers a mature suite of products, designed specifically for the closing and title industry. Our mission is to serve our client base, with best-in-class products and services. Our products are modular so we don't force you to buy anything you don't need. You can always add on as your business grows. Unlike other software companies, we view the sale as the beginning of the relationship rather than the end. North American Title Insurance Company (NATIC) is a seasoned title insurance underwriter, helping title agents to achieve their individual business goals for more than 50 years. Today, the company conducts real estate settlement services in 39 states and the District of Columbia through a network of experienced, independent agents. ALTA ONE Sidebar Ad - Green and Blue