Foreclosure Mitigation and Mortgage Irregularities

by Mitchell, Frank P.; Rehman, George A.

• ISBN13: 9781613244333
• ISBN10: 1613244339
• Format: Hardcover
• Copyright: 2011-07-01
• Publisher: Nova Science Pub Inc

Summary

In the wake of the financial crisis of late 2008, the Treasury developed HAMP (Home Affordable Modification Program) as the latest in a series of federal government initiatives to stem the growing foreclosure problem. At the time, foreclosures had been rising for several years already, leading to an increase in the number of empty homes owned by banks and weakening the banking system, at a time when policymakers felt that restoring economic and bank stability was crucial. The history of prior efforts, which met with limited success, provides a useful context for examining HAMP and its performance to date. This book examines the consequences of mortgage irregularities for financial stability and foreclosure mitigation.

Table of Contents

Preface

A Review of Treasury's Foreclosure Prevention Programs

Examining the Consequences of Mortgage Irregularities for Financial Stability & Foreclosure Mitigation

Written Testimony of Phyllis Caldwell, Chief of Homeownership Preservation Office, U.S. Dept. of Treasury, before the Senate Committee on Banking, Housing & Urban Affairs, Hearing on "Problems of Mortgage Servicing from Modifications to Foreclosure"

Statement of Sheila C. Bair, Chairman, Federal Deposit Insurance Corporation, before the Senate Committee on Banking, Housing, & Urban Affairs, Hearing on "Problems in Mortgage Servicing from Modifications to Foreclosure-Part II"

Statement of Edward J. DeMarco, Acting Director, Federal Housing Finance Agency, before the Senate Committee on Banking, Housing & Urban Affairs, Hearing on "Problems in Mortgage Servicing from Modifications to Foreclosure-Part II"

Index

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