This is the lifeline of the foreclosure fraud crisis: funding of mediation programs and legal services attorneys. Lawyers need to be in the field so borrowers have a fighting chance at due process, to protect themselves from predatory servicers and prevent illegal foreclosures. Without more funding, the efforts at accountability may just wither. News organizations are doing a great job but the lawyers need to be funded.
|By: David Dayen Wednesday November 17, 2010 5:29 pm|
|By: emptywheel Tuesday November 16, 2010 2:21 pm|
Liveblogging of the Senate Banking Committee hearing on foreclosure fraud continues. Senator Richard Shelby was actually pretty good, but then Sens. Mike Johanns and Bob Bennett went to some length to try to pretend the banksters weren’t doing what they were doing.
|By: David Dayen Tuesday November 16, 2010 12:35 pm|
This hearing is the latest example of national policymakers getting involved in the foreclosure fraud issue. The Congressional Oversight Panel warning of the enormous risk from the failures of servicers was the first report of its kind at the federal level to take full measure of the situation, and this is the first Congressional hearing. Senators on the Democratic side like Jeff Merkley and Sherrod Brown are sure to press the bank representatives aggressively on why foreclosure mitigation programs have failed, and why they used false documents to evict people from their homes. The ranking member on the Republican side, Richard Shelby, wants to investigate failures at the major loan servicers.