Industry Thwarts Action on Bill to Stop Foreclosures
Yesterday the mortgage lending industry successfully stopped a Senate bill, "The Foreclosure Prevention Act" from moving forward. This bill (S. 2636) includes key provisions that would prevent well over 1/2 million foreclosures and avoid property declines of $200 billion. "While many members of Congress are working hard to prevent foreclosures, some members of the lending industry are preventing legislation that Americans desperately need," said Michael Calhoun, President of the Center for Responsible Lending (CRL). "Congress has recognized that we need a bipartisan solution to stop