Pressured by a coalition of activists and state Attorney General Kamala Harris, the California legislature completed a months-long project yesterday to significantly improve its foreclosure process. The measure gives homeowners a new right to sue over fraudulent practices, ends dual tracking – where servicers process foreclosures while negotiating loan modifications – and extends a single point of contact at all borrowers.
|By: David Dayen Tuesday July 3, 2012 7:00 am|
|By: David Dayen Tuesday February 21, 2012 9:35 am|
The New York Times today looks at single point of contact, a standard for servicing which has been mandated on at least a couple of occasions, without success. Requiring a single point of access has been required in settlements before, but consumer advocates say little has changed, leaving us to wonder whether any of the new settlement terms will be enforced.
|By: David Dayen Sunday May 29, 2011 7:00 pm|
Shortly after I first started writing about HAMP, I had an email exchange with a housing counselor who said I was being too harsh on the program, that borrowers in trouble had no recourse, and that I basically didn’t understand the pressure these homeowners were under. The dozens of emails I was getting from all around the country from borrowers, all of whom almost without exception were saying that HAMP was making their problem more intractable, differed with this counselor. And now, a year later, apparently the great majority of housing counselors disagree as well.
|By: David Dayen Thursday May 12, 2011 2:55 pm|
About a year ago, I appeared at Netroots Nation with Sen. Jeff Merkley (D-OR), the Huffington Post’s Ryan Grim and Professor Elizabeth Warren on a panel called “The Forgotten Foreclosure Crisis.” Speaking with Merkley today, I remarked that we could hold the same panel again this year, without changing a word of it, and not be out of date in the slightest. Sen. Merkley agreed.