The number of American families facing foreclosure or at risk of foreclosure has grown at a dramatic pace with the current mortgage and housing market crisis we are facing.  Borrowers are finding it more and more difficult to restructure or refinance their loans, especially loans securitized and sold on the secondary market.  Some servicers are concerned about legal liabilities, which is one of the reasons behind the current slow pace of loan modifications.  I am pleased that the Emergency Loan Modification Act would remove disincentives for servicers to work out loans prior to them going into default.  The bill would further clear the way for servicers to initiate the kind of long-term sustainable loan modifications that will be an advantage to all parties.

This entry was posted on Tuesday, April 15th, 2008 at 12:15 pm and is filed under Uncategorized .