Merkley, Snowe, Reed, Whitehouse Offer Amendment to End Worst Mortgage Abuses

Merkley, Snowe, Reed, Whitehouse Offer Amendment to End Worst Mortgage Abuses

WASHINGTON, DC – June 14, 2011 – (RealEstateRama) — U.S. Senators Jeff Merkley (D-OR), Olympia Snowe (R-ME), Jack Reed (D-RI) and Sheldon Whitehouse (D-RI) offered the Regulation of Mortgage Servicing Act of 2011 as an amendment to the Public Works and Economic Development Reauthorization Bill. The mortgage servicing bill would help homeowners stay in their homes by ending some of the well-documented abuses by mortgage servicers leading to foreclosures, and would produce a positive ripple effect through the economy by reducing the overall number of foreclosures.

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