Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

Dodd Lack of foreclosure help may spark more legislation
WASHINGTON (11/14/08)—Growing frustration with the pace of voluntary mortgage foreclosure mitigations may spark more legislation, according to the remarks of two key lawmakers this week. Senate Banking Committee Chairman Christopher Dodd (D-Conn.) said Thursday that he was speaking for himself and others in relating that more progress is needed “from our friends in the financial sector” in foreclosure mitigation, affordable lending, and curbing “excessive compensation.” He added that if such progress was not soon apparent, his panel stood ready to prepare legislation to address the gap. Dodd made his remarks at his committee’s hearing titled “Oversight of the EESA: Examining Financial Institution Use of Funding Under the Capital Purchase Program” On the House side, the chairman of the Financial Services Committee, Rep. Barney Frank (D-Mass.) has cited his perception of a lack of cooperation from mortgage providers in working out troubled loans. He also suggested Congress should consider legislation that could make renegotiating troubled loans easier.
Other Resources

RSS print
News Now LiveWire
September is National Preparedness Month. Read how your CU can get ready in #NewsNow #NPM @AgilityRecovery @Readygov
3 hours ago
Bay Area #creditunions featured in @SFBusinessTimes article
5 hours ago
#NewsNow: 8 CU advisory board, new senior leaders named at @CFPB.
7 hours ago
#NewsNow: @FTC warns of government impostor scams.
7 hours ago
Registration open for @CUNAMutualGroup's Discovery Conference #NewNow
7 hours ago