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Senator from Ohio introduces foreclosure bill on Capitol Hill

Mortgage servicers have been under fire ever since the "robo-singing" scandal hit the news. Now a U.S. Senator wants to place more government oversight on the mortgage industry, especially in relation to foreclosure proceedings. Senator Sherrod Brown introduced The Foreclosure Fraud and Homeowner Abuse Prevention Act of 2011 in the Senate last week. The measure is intended to prevent future mortgage servicer fraud and errors and reform oversight of mortgage based investing.

Cincinnati bankruptcy attorneys are aware that investments in mortgage backed securities allowed for lenders to reduce their risk in the mortgage industry, which experts say was a strong factor leading to the foreclosure crisis.

Senator Brown says clearly "the current system isn't working and unfortunately federal regulators have failed to bring meaningful reform to the mortgage servicing" industry. Brown seeks to impose stronger oversight of the industry, streamline mortgage modification procedures and impose penalties upon mortgage servicers who break the law.

Brown says "this foreclosure crisis affects all of us - homeowners, families, neighbors, and state and local governments."

Brown seeks to end the rush to foreclosure of home mortgages and force servicers to work stringently with homeowners to help them retain their home. The newly introduced measure is not Brown's first attack on the foreclosure crisis. Brown sent a letter in July, 2010, to the nation's four largest banks urging them to seek meaningful remedies that could help homeowners find ways to halt home foreclosures and seizures.

A companion bill has also been introduced in the U.S. House of Representatives.

Source: Dayton Business Journal, "Senator seeks foreclosure prevention expansion," Ginger Christ 14 Apr 2011

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