Majority Leader Torrico to Lead Hearing Focusing on Impact of Mortgage Reform

Submitted by storefront on January 5, 2010 - 15:12
December 14, 2009

FOR IMMEDIATE RELEASE 
CONTACT: Jeff Barbosa

MAJORITY LEADER TORRICO TO LEAD HEARING FOCUSING ON IMPACT OF MORTGAGE REFORM


VAN NUYS – Assembly Majority Leader Alberto Torrico (D-Fremont) will chair an Assembly hearing exploring loan modifications, how they are impacting communities of color and what other alternatives might be explored to prevent more people from losing their homes. 

“The foreclosure crisis has turned the American Dream into a nightmare for millions of Americans who can no longer pay their mortgages,” Torrico said. “The information released yesterday shows the federal Home Affordable Modification Program is failing, with fewer than 5 percent of mortgage modifications being made permanent. More reforms are clearly needed to bring real hope to the struggling families who are scared to death of losing their homes.”

In Los Angeles County in September 2009, over 98,000 homes were in some phase of the foreclosure process. Nationally, over 14 percent of homeowners with mortgages are in foreclosure or are behind on their payments.

“People are desperate and want to have their loans modified so they can keep their homes,” Torrico said. “We are going to hear from organizations that work with these people to explore the loan modification process, see which financial institutions are working with families and which ones are not, and how the process is affecting communities of color.”

WHO: Assembly Majority Leader Alberto Torrico
Faith Schwartz, executive director, HOPE NOW Alliance
Preeti Vissa, program manager, community reinvestment, The Greenlining Institute
Dorothy Herrera Settlage, senior attorney, Legal Aid Foundation of Los Angeles
Ester Cadavid, senior vice president, Los Angeles Neighborhood Housing Services
Yvonne Mariajimenez, deputy director and Stephanie Haffner, supervising attorney, Neighborhood Legal Services of LA County – Member, One LA – Industrial Areas Foundation.

WHAT: Assembly Select Committee on the Safety and Protection of At-Risk Communities in California hearing on “Mortgage Reform: Progress or Unfulfilled Promises.”

WHERE: Van Nuys State Office Building, 6150 Van Nuys Blvd., Van Nuys, CA