Financial Services Committee Holds Hearing on the Administration’s Progress in Preventing Mortgage Foreclosures

November 2, 2007

Washington, DC—Rep. Barney Frank, Chairman of the House Financial Services Committee, conducted a hearing to examine recent progress in coordinating lenders, mortgage servicers, and nonprofit organizations to prevent mortgage foreclosures, encourage modifications of troubled loans, and assist at-risk homeowners. One focus of the hearing will be the “HOPE NOW” initiative; an alliance consisting of lenders, servicers, and community-based counselors whose formation was announced by the Departments of Treasury and Housing and Urban Development on October 10, 2007.

“I welcome the Administration’s initiative, and I think it is important that we now get a chance to review the progress and see if there are ways that we can help with it,” said Chairman Frank.

Witness List & Prepared Testimony:

Panel One

Panel Two

  • The Honorable Tom Miller, Attorney General, State of Iowa 
  • Mr. Kenneth Wade, Chief Executive Officer, NeighborWorks America
  • Mr. Bruce Marks, Chief Executive Officer, Neighborhood Assistance Corporation of America 
  • Mr. Bill Longbrake, Anthony T. Cluff Senior Policy Advisor, The Financial Services Roundtable 
  • Mr. Sandor Samuels, Executive Managing Director, Countrywide Financial Corporation