Congressman Ed Towns (D-NY10) released the following statement about a field hearing held today by the House Oversight and Government Reform Committee on mortgage servicing practices and the foreclosure crisis.
"Today's hearing is about holding banks and mortgage servicers accountable and getting to the bottom of how we can help those who have been most severely impacted by this crisis," said Congressman Towns. "Brooklyn is at the epicenter of this foreclosure crisis, and has been one of the hardest hit areas in the country. The very sentiment and anger that was expressed today is why I brought the Committee to Brooklyn, and will remain committed to getting answers from the banks."
Background on Towns' leadership on the foreclosure crisis:
* Held several community town hall meetings to inform constituents on the benefit of the Home Affordable Mortgage Program (HAMP), a program initiated by the Department of Treasury to help underwater homeowners refinance their mortgage to historic lows.
* Led effort that ensured Bedford-Stuyvesant Legal Services Inc. remained in the 10th Congressional District to provide comprehensive homeowner services, which has helped hundreds of local residents stay in their home.
* Hired a full-time staffer dedicated to manage foreclosure cases in the district.
* As Chairman of the Oversight and Government Reform Committee, Towns commissioned a study by the Federal Reserve Bank of New York to document the magnitude of the foreclosure crisis in Brooklyn.