« MISMO Rolls Out MXCompliance Title | Main | Foreclosures Up 57-Percent from March 2007 »
April 18, 2008
Fannie and Freddie Discuss Foreclosure Prevention & Servicing Act Before House Subcommittee
Leaders with Fannie Mae and Freddie Mac testified alongside consumer advocacy representatives and housing counseling agencies at the U.S. House Subcommittee on Housing and Community Opportunity's hearing on "The Foreclosure Prevention and Sound Mortgage Servicing Act of 2008” this morning. The Act is a legislative proposal that attempts to create mandates that forbid servicers from foreclosing on a property without first making a concerted effort to help borrowers stay in their homes.
Ingrid Beckles, vice president of servicing and asset management at Freddie Mac, testified on behalf of the GSE, saying with the GSEs already encouraging servicers to pursue home retention options, a new federal requirement is not needed.
Posted by S. Germain at April 18, 2008 08:15 AM