For Immediate Release:
September 8, 2009
Subcommittee to Hold Hearing on the Progress of the Making Home Affordable Program
Washington, DC – Rep. Maxine Waters (D-CA), chairwoman of the House Financial Services Subcommittee on Housing and Community Opportunity, today announced that the subcommittee will hold a hearing entitled, “Progress of the Making Home Affordable Program: What Are the Outcomes for Homeowners and What Are the Obstacles to Success?” on September 9, 2009 at 10:00 a.m. in room 2128 Rayburn House Office Building.
The hearing will focus on the successes and challenges of the Making Home Affordable Program six months after its implementation on March 4, 2009. The program was intended to help three to four million homeowners, but six months into the program only 15% percent of the eligible 2.7 million homeowners have received help.
Witnesses will include officials from the U.S. Department of Housing and Urban Development and the U.S. Department of the Treasury, mortgage servicers, academics, and housing advocates involved with the Making Home Affordable Program. Witnesses will be asked to discuss the role of servicers in implementing the program. Chairwoman Waters said, “This hearing will be an opportunity to review the progress of the “Making Home Affordable Program” and will provide valuable insight about the role of servicers in helping American homeowners.”
In March, the subcommittee held a hearing to examine how the plan would help millions of American homeowners.
Who: House Committee on Financial Services, Subcommittee on Housing and Community Opportunity
What: Hearing entitled “Progress of the Making Home Affordable Program: What Are the Outcomes for Homeowners and What Are the Obstacles to Success?”
When: Wednesday, September 9, 2009
Where: 2128 Rayburn House Office Building
· The Honorable Michael S. Barr, Assistant Secretary for Financial Institutions, U.S. Department of the Treasury
· The Honorable David Stevens, Assistant Secretary for Housing/Federal Housing Commissioner, U.S. Department of Housing and Urban Development
· Dr. Mark A. Calabria, Director, Financial Regulation Studies, Cato Institute
· Ms. Mary Coffin, Executive Vice President, Wells Fargo Home Mortgage Servicing
· Ms. Alys Cohen, Staff Attorney, National Consumer Law Center
· Mr. Jack Schakett, Mortgage Executive, Credit Loss Mitigation Strategies, Bank of America
· Ms. Molly Sheehan, Senior Vice President, Chase Home Lending, JPMorgan Chase
· Mr. Paul S. Willen, Senior Economist and Policy Advisor, Federal Reserve Bank of Boston