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NANworld
Press
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May 6, 2009
SENATE PASSES BOXER MEASURE
TO HELP HOMEOWNERS
Amendment Requires That
Homeowners Be Informed When
their Home Loan is Sold or
Transferred
Washington, DC – Today, the
Senate passed an amendment by
U.S. Senator Barbara Boxer
(D-CA) that would require that
homeowners be alerted within 30
days if their lender sells or
transfers their home mortgage
loan. The amendment was approved
by unanimous consent.
“It’s common sense – if you have
a mortgage on your home, you
should know who actually holds
that mortgage,” Senator Boxer
said.
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“But too often, homeowners are
not able to modify their mortgages to avoid
foreclosure simply because they cannot find
out who holds their mortgage.” The amendment
provides transparency and gives homeowners
another tool to fight illegitimate
foreclosures and negotiate loan
modifications to help keep families in their
homes. Under the measure, if a loan is sold
or transferred, the new note holder would
have 30 days to notify the homeowner with
the following information:
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the
identity, address, and telephone
number of the new creditor |
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the
date of the transfer |
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how
to reach an agent or party with
the authority to act on behalf
of the new creditor |
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the
place where the transfer is
recorded; and |
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any
other relevant information
regarding the new creditor |
The measure was endorsed by the National
Consumer Law Center, the National
Association of Consumer Advocates, Consumer
Action, the Consumer Federation of America,
Consumers Union, the National Association of
Neighborhoods, the National Council of La
Raza and the National Fair Housing Alliance.
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