Foreclosure Prevention: Everyone’s Doing It!
A report on local, state, and federal responses to spiking foreclosure numbers, from Maryland Morning, February 2010.
It seems like everyone from City Hall to Capitol Hill has a plan to fix mortgage lending. Baltimore’s suing Wells Fargo; Governor O’Malley wants to force lenders to meet face to face with distressed borrowers. Lending discrimination is the subject of both legislation on Capitol Hill and investigations at the Justice Department. How crazy is it? Someone wrote, only somewhat facetiously, in the New York Times that distressed homeowners should just walk away from their mortgages.
Whatever help is coming to homeowners in foreclosure proceedings, it can’t come too soon in Maryland–foreclosure events in the last quarter of 2009 were up two-thirds from the same period in 2008.
In this segment, we take a look at all these plans–in Baltimore, Annapolis, and Washington. Then Sheilah talks at length with Assistant U.S. Attorney General Thomas Perez about his new “Fair Lending” unit at the Justice Department’s Civil Rights Division.
Before he went to Washington, Perez was Maryland’s Secretary of Labor, Licensing, and Regulation. You can also hear Sheilah’s full interview with current DLLR secretary Alex Sanchez: Maryland homeowners looking for alternatives to foreclosure can call the Maryland HOPE hotline at 1-877-462-7555 or visit www.mdhope.org.