Senate Loan Workout Bill Could Have Reverse Effect on Borrowers
October 12, 2009
Senate legislation that would provide borrowers a chance to work out a modification to their troubled loan before foreclosure could have some unintended, adverse consequences, the Consumer Mortgage Coalition warned. S.1731, the “Preserving Homes and Communities Act of 2009,” was introduced last week by Senators Jack Reed, D-RI, and Richard Durbin, D-IL, to help keep families in their homes and...