December 13, 2011

Helping Homeowners Harmed by Foreclosures: Ensuring Accountability and Transparency in Appeals

Testimony Before the Senate Committee on Banking, Housing, and Urban Affairs - Subcommittee on Housing, Transportation, and Community Development
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Anthony B. Sanders testified before the Senate Committee on Banking, Housing, and Urban Affairs - Subcommittee on Housing, Transportation, and Community Development about transparency and accountability in foreclosure appeals.

In his testimony, Professor Sanders discussed two remedies needed to sufficiently address the housing crisis: 1) economic growth and 2) having foreclosed properties back in the economy. Federal and state programs aimed at slowing the movement of households into foreclosure, even when this is in the household's best interest, are slowing the housing recovery.

Sanders then provides an analysis of the foreclosure review process, noting his main concern with the time and costs involved with the current laborious review process relative to the expected assessment of harm.