Senators send letter to White House on foreclosures - Meredith Shiner - POLITICO.com: "The senators Thursday said that when it comes to housing assistance, the “current situation is untenable” and offered a three-prong approach to tackling the challenges faced by the administration. They recommended requiring loan servicers to provide a “single point of contact” for borrowers, no “dual track” for foreclosure cases and “third-party review” of borrowers’ files before they are notified of whether they qualify for loan modifications.
“A single set of clear national standards for the loan servicing industry must be adopted. This is both an essential step to restoring the health of our housing market and our financial system today, and to prevent the emergence of these problems again in the future,” the senators wrote. “Each of your organizations plays a role in developing and enforcing these standards, and we urge you to act as quickly as possible to develop and promulgate clear rules of the road to protect families and the economy.”"