Hilary Shelton

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Viewpoint: The Battle for Mortgage Banking

Jul 30, 2008By

House Financial Services Committee chairman Barney Frank (D-MA) held a hearing last Friday that “examined the role of mortgage servicing in the foreclosure crisis, focusing specifically on ongoing problems with loan modifications and the need for improvements in servicing practices and responsiveness to consumers.” At least, that was the published party line. Closer to reality, however, the hearing marked a dramatic shift in the debate over the housing mess — a shift that may well determine what mortgage banking will look like over the next 20 to 30 years.