Senate Banking Committee Examines Loan Servicing Problems

The Senate Banking Committee is holding the second in a series of hearings on Problems in Mortgage Servicing from Modification to Foreclosure on Wednesday. Part One of the hearings held in mid-November featured testimony from witnesses representing consumers, state's attorneys general and the mortgage industry. On Wednesday committee members are slated to hear from federal regulators, representatives of the government sponsored enterprises, and the legal profession. Opening the first hearing, Senator Sherrod Brown (D-OH) said that the most complaints he receives are related to the four largest servicers. He blamed the consolidation of the industry following the failure of several major banks and mortgage lenders for creating institutions that "are now so large that their executives apparently...(read more)

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Source: http://www.mortgagenewsdaily.com/12012010_loan_servicing.asp

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