In the first 30 days of the new presidential administration, the urgency to deal with the nation’s banking and financial crisis has taken top priority. The crisis has escalated and many potential resolutions are being explored - case in point, on Friday, President Obama named former Federal Reserve chairman Paul Volcker, along with 15 other leaders from various industries to an ""independent committee"":http://dsnews.comindex.php/home/news_story/2524 designed to help the White House combat a growing recession.
Looking forward to the new political environment and changes in Washington, a delegation of the Committee for Actual Real Estate Solutions, Inc. (CARES) is preparing to meet with House and Senate representatives in Washington, D.C. this week. CARES representatives plan to discuss with lawmakers possible changes to the Fair Debt Collection Practices Act (FDCPA), enabling attorneys engaged in loss mitigation and home retention activities to contact and assist troubled borrowers.
As delinquencies, unemployment, and related foreclosures continue to mount, CARES is hoping to bring thousands of trained professionals to the aid of these borrowers at risk of losing their homes. Recognizing the increasing demands upon mortgage servicers to step up loss mitigation and home retention efforts, CARES is looking to open the doors for default attorneys - who are regularly in contact with the defaulted borrowers - to educate these borrowers on options that will allow them to remain in their home and restructure their loans without allegation of violating out-of-date collections laws.
CARES has been asked by Congress members to remain involved in the FDCPA discussion and present the position and perspectives of its members.
CARES officers include Robert J. Hopp of Denver, Colorado-based ""Robert J. Hopp & Associates, LLC"":http://www.rjhopp.com as president; Ted May of Rockville Centre, New York-based ""Sheldon May & Associates, LLC"":http://www.maylawfirm.com as secretary; and Richard Nielson of Newport, Kentucky-based ""Nielson & Sherry, P.S.C."":http://www.nsattorneys.com as treasurer.