WASHINGTON (12/6/07)—National Credit Union Administration (NCUA) board member Gigi Hyland is scheduled to testify today as the House Financial Services Committee takes a broad look at recent proposals to help troubled subprime mortgage borrowers threatened with the loss of their homes. Rep. Barney Frank (D-Mass.), the committee’s chairman, has announced the panel intends to examine recent proposals intended to improve the pace and volume of mortgage loan modifications, such as interest rate resets that could keep people from moving into foreclosure proceedings. Frank has noted that, to date, most modifications to subprime loans are being made by servicers and lenders on a case-by-case basis, which may be slowing the pace and limiting the number of these workouts. The committee has scheduled the following three panels of witnesses:
* Panel One: NCUA’s Hyland, Sheila C. Bair, chairman, Federal Deposit Insurance Corporation; Randall S. Kroszner, governor, Federal Reserve Board; John C. Dugan, comptroller, Office of the Comptroller of the Currency ; Scott M. Polakoff, senior deputy director/CEO, Office of Thrift Supervision ; and North Carolina Deputy Commissioner of Banks Mark E. Pearce, on behalf of the Conference of State Bank Supervisors. * Panel Two: George P. Miller, executive director, American Securitization Forum; Faith Schwartz, executive director, HOPE NOW Alliance; Michael Calhoun, president, Center for Responsible Lending; Damon Silvers, associate general counsel, AFL-CIO; and Richard Kent Green, Oliver T. Carr, Jr. Chair of Real Estate Finance, The GW School of Business, George Washington University. * Panel Three: Laurence E. Platt, partner, K&L Gates, on behalf of the Securities Industry and Financial Markets Association; Hilary O. Shelton, director, National Association for the Advancement of Colored People; and John Taylor, president/CEO, National Community Reinvestment Coalition.