Update: Housing: Barney Frank D-MA House Financial Svcs Cmte hearing on HAMP & Loan Modifications…

Update 3: CSPAN will have the hearing up later at this linky. Three panels included the following:

The House Financial Services Committee held a hearing titled, titled “The Private Sector and Government Response to the Mortgage Foreclosure Crisis.” Panel One * Ms. Molly Sheehan, Senior Vice President, Chase Home Finance * Mr. Jack Schakett, Risk Management Executive, Credit Loss Mitigation Strategies * Ms. Julia Gordon, Senior Policy Counsel, Center for Responsible Lending * Dr. Anthony B. Sanders, Distinguished Professor of Real Estate Finance, Professor of Finance School of Management, George Mason University * Ms. Laurie Goodman, Senior Managing Director, Amherst Securities, LLP * Mr. Bruce Marks, Neighborhood Assistance Corporation of America Panel Two * The Honorable Herbert M. Allison, Jr., Assistant Secretary for Financial Stability, U.S. Department of the Treasury * Mr. Michael H. Krimminger, Special Advisor for Policy, Office of the Chairman, Federal Deposit Insurance Corporation * Mr. Douglas W. Roeder, Senior Deputy Comptroller Large Bank Supervision, Office of the Comptroller of the Currency

Update 2: WSJ has some highlights. The Banks should pay attention, b/c TheHill is reporting the judicial modification aka cramdown bill is back, this time in the regulatory reform bill.

House Financial Services Chairman Barney Frank (D, Mass.) harshly criticized the Obama administration’s efforts to keep people in their homes.”We have a great frustration with the failure of the combined efforts of elements of the federal government to make a substantial impact on the foreclosure crisis,” Mr. Frank said in opening remarks at a hearing before his panel Tuesday on lender and government responses to soaring foreclosures.

…Critics have ratcheted up attacks on the administration’s Making Home Affordable Program, which they say is ill-suited to address what they contend are the current causes of spiking foreclosures: negative equity, high unemployment and a wave of resets on complex mortgages that are difficult to modify. The program relies on hefty incentives for servicers to lower borrower payments to 31% of income.

…Executives from J.P. Morgan Chase & Co. and Bank of America Corp. testified that the banks were struggling to move borrowers into permanent loan modifications because eligible borrowers weren’t submitting the required paperwork….

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December 8, 2009. Tags: bankruptcy cramdown, bankruptcy modification, cramdown bill, Economy, Foreclosures, house flippers back, Housing, investors short sales, judicial modification bill, Loan Modification HAMP hearing Barney Frank, Making Home Affordable, mortgage modifications, Unemployment. Economy, Finance, Foreclosures, Housing, Obama Administration, Politics, TARP, Unemployment Statistics, Wall St. 2 comments.