Center for American Progress

Effective National Mortgage Servicing Standards Are Essential
Article

Effective National Mortgage Servicing Standards Are Essential

Statement Before the Senate Committee on Banking, Housing and Urban Affairs

Peter Swire explains that, in the absence of market discipline on servicers, an effective national set of mortgage standards is essential.

SOURCE: Center for American Progress

CAP Senior Fellow Peter Swire speaks before the Senate Committee on Banking, Housing and Urban Affairs. Read the statement (CAP Action).

Thank you Chairman Johnson and to other distinguished members of the committee. Thank you for inviting me to participate in this hearing on national mortgage servicing standards.

As you are aware, I previously committed to speak in Oregon today, and I thank the committee and its staff for the great flexibility of having me testify online today. I believe that using these online technologies can continue to open up Congress and our political process to participation by the American people.

My testimony today draws on two previously published items, which I have provided to the committee. The first is a report on mortgage servicing that I published in January of this year. The second is an article in the Los Angeles Times from March, which describes some of my personal experiences as a homeowner with the mortgage servicing industry.

CAP Senior Fellow Peter Swire speaks before the Senate Committee on Banking, Housing and Urban Affairs. Read the statement (CAP Action).

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Authors

Peter Swire

Senior Fellow

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