U.S. Sen. Sherrod Brown (D-OH) introduced landmark legislation to prevent future servicer fraud and errors, improve foreclosure counseling and prevention, and reform oversight of mortgage-based investing. Brown, who chairs the Senate Banking Subcommittee on Financial Institutions and Consumer Protection, introduced the Foreclosure Fraud and Homeowner Abuse Prevention Act of 2011 which would expand access to foreclosure prevention services, while increasing protections for homeowners and investors in mortgage-backed securities. Companion legislation was introduced in the U.S. House of Representatives by Rep. Brad Miller (D-NC).
The Foreclosure Fraud and Homeowner Abuse Prevention Act of 2011 would:
- Protect homeowners from servicer errors, miscommunications, and abusive fees.
- End the rush to foreclosure and require servicers to work with homeowners to find sustainable mortgages.
- Improve standards for staffing and casework by mortgage servicers.
- Protect the interests of investors who buy securities backed by residential mortgages.
- Reform oversight of pools of securitized mortgages.
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