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For Immediate Release
Date: Thursday, February 9, 2012
Contact: Matthew Morgan – 202-226-5543
Conyers: Mortgage Settlement Agreement is First Step Toward Recovering Losses for Victims of Reckless and Abusive Mortgage Practices; But Much More Needs To Be Done
(WASHINGTON) – House Judiciary Committee Ranking Member John Conyers, Jr. (D-Mich.) commented on today’s announcement that the federal government and 49 state attorneys general have reached a $25 billion settlement agreement with the Nation’s five largest mortgage servicers to address mortgage loan servicing and foreclosure abuses.
John Conyers, Jr.
“However, much more must still be done. In particular, the Nation’s largest mortgage holders and guarantors – Fannie Mae and Freddie Mac – should temporarily cease all foreclosure actions and actively seek alternatives to foreclosure. I continue to hear report after report that these entities refuse to negotiate in good faith. All American taxpayers would benefit if unnecessary foreclosures were avoided and struggling homeowners were given a viable opportunity to modify their mortgages.
“As Mark Zandi, one of the Nation’s leading economists testified today before the Senate Banking Committee, more mortgage modifications ‘particularly those involving substantial principal write-downs’ have the ‘best odds of ending the housing crash more quickly and definitively.’ Since 2008, I have proposed legislation that would facilitate meaningful mortgage modifications, especially principal write-downs. This Congress the bill was reintroduced as H.R. 1587, the Home Foreclosure Reduction Act of 2011.
“I look forward to continuing to work with the Administration and my colleagues in Congress to promote alternatives to foreclosure, such as ways that would facilitate the writing down of mortgages to their actual market value to deal with the pervasive problem of underwater mortgages.”
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