preserving homes and communities act: New Housing Bill Will Force Loan Modification - 10/06/09 12:07 PM
Four senators are putting their muscle behind a new housing bill intended to prohibit lenders operating in the U.S. from foreclosing on home owners without first having discussed reasonable modification options with the borrowers. 
The bill, called the Preserving Homes and Communities Act is being sponsored by Rhode Island Senator Jack Reed, Illinois Senator Dick Durbin, Jeff Merkley of Oregon and Sheldon Whitehouse of Rhode Island.   
Under this bill, lenders will be forced to the negotiating table under the threat of stiff fines and other legal penalties.   
All lenders will be required to perform what the bill terms as a "net … (171 comments)

 
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Claudette Millette

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Ashland, MA

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