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Professor to testify about foreclosures

September 16, 2008

A Valparaiso University law professor and expert on predatory mortgage lending and foreclosures will testify in front of the U.S. House Committee on Financial Services Wednesday.

Assistant professor Alan White was invited to testify during the committee's hearing at 10 a.m. EDT on "The Implementation of the HOPE for Homeowners Program and a Review of Foreclosure Mitigation Efforts." The HOPE for Homeowners Act of 2008 allows for refinancing of abusive loans at a significant discount of new mortgage loans offered by Federal Housing Administration-approved lenders for those who have trouble paying their mortgages.

The professor will summarize his findings on mortgage modifications over the past year, suggest the need for the federal government to gather and report information on foreclosures and workouts, and offer observations on why those in the mortgage industry aren't modifying mortgages more aggressively.

White is currently serving a three-year term as a member of the Federal Reserve Board of Governors Consumer Advisory Committee and argued in a recent paper for a ban on subprime loans to prevent a future rush of foreclosures.

White organized a March conference at the law school, "Defending Foreclosures, Saving Homes," in which participants learned the latest developments in foreclosure and bankruptcy, loss mitigation, and mortgage services practices.

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