Part of the Bay Area News Group

Miller leads complaint about foreclosure aid

By Josh Richman
Tuesday, March 8th, 2011 at 3:08 pm in Anna Eshoo, George Miller, housing, Jackie Speier, Jerry McNerney, Joe Biden, John Garamendi, Obama presidency, U.S. House, Zoe Lofgren.

Rep. George Miller, the House Education and the Workforce Committee’s ranking Democrat, led 18 House Democrats in complaining to the Obama Administration yesterday that not enough has been done to help distressed homeowners in the Bay Area and nationwide.

“We are writing to urge stronger and immediate actions by the Administration to help many of our constituents who are being routinely abused, lied to, and subjected to financial conflicts of interest by lenders and mortgage servicers, including those participating in federal programs,” they said in their letter to Vice President Joe Biden.

“Our constituents are running out of time. This Administration must stand up for America’s families caught in the housing crisis. The Making Home Affordable Program is simply not making sufficient progress to prevent unnecessary foreclosures. It has so far failed to ensure that mortgage servicers work with homeowners in good faith to achieve loss mitigation that works for homeowners, investors and our communities.”

With the $29 billion Home Affordable Modification Program having been pegged by the Government Accountability Office and other independent watchdogs as inefficient and in need of reform, House Republicans are targeting HAMP for elimination as part of their proposed budget cuts. Miller, D-Martinez, and his cohorts don’t support that, but rather are urging the program’s immediate improvement to crack down on mortgage servicers’ abusive practices.

Miller organized a meeting last week for more than a dozen of his colleagues with Treasury Secretary Tim Geithner and Housing Secretary Shaun Donovan to convey their concern over HAMP and their constituents’ mistreatment. Among the signatories of yesterday’s letter were representatives John Garamendi, D-Walnut Grove; Jerry McNerney, D-Pleasanton; Jackie Speier, D-Hillsborough; Anna Eshoo, D-Palo Alto; and Zoe Lofgren, D-San Jose.

[You can leave a response, or trackback from your own site.]

  • Elwood

    It was the federal government telling lenders that ability to repay would no longer be a criterion for lending that caused this crisis in the first place. And now Georgie Porgie and his fellow bleeding heart liberals want to spend tax dollars to bail out these idiots from loans they never should have entered into.

    At least there’s no picture of Georgie Porgie. Maybe I’ll be able to eat dinner.

  • steve weir

    I can tell you this, I monitor the recording levels of Amendments and Modifications (recordings that change the conditions of deeds of trust). They are lower, as a percent,today, than before the mortgage crisis.

  • Elwood

    Re: #2

    That’s because these loans are so toxic that no one wants to touch them. Restructuring most of those loans is just putting lip stick on a pig, leading quickly to another default.