Consumer Groups Ask Congress To Help Stop Foreclosures: Include Judicial Mortgage Modifcation in the Economic Recovery Package
Ever since the mortgage foreclosure crisis erupted into the public eye last year, our organizations have advocated Chapter 13 judicial modification relief as an effective approach to stemming the foreclosure crisis – a solution that comes at absolutely no cost to U.S. taxpayers.
We are fully aware that some segments of in the financial services industry has opposed giving homeowners this option. While we take such concerns seriously, our economic recovery depends upon stabilizing the housing sector, and this requires urgent measures to stop the flood of foreclosures. Reckless lending by many of these same institutions is part of the problem that judicial modification is needed to help solve.