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ACORN Requests Congressional Oversight Panel Hearing on TARP Recipients’ Compliance with Obama Foreclosure Plan


(Washington, DC) – ACORN has written a letter to the Congressional Oversight Panel requesting a hearing to gauge TARP recipients’ compliance with the Obama Administration’s “Making Home Affordable” foreclosure-prevention plan. In a letter to the Panel’s chairwoman, Professor Elizabeth Warren, ACORN noted that mortgage servicing companies are notoriously opposed to any sort of transparency and accountability in their foreclosure protocols. The Congressional Oversight Panel is uniquely positioned to provide this accountability and to ensure that the Obama Administration’s goal of preventing 3 to 4 million unnecessary foreclosures in the coming years is realized. This will require not just a commitment from the mortgage CEOs, but also a thorough and deep implementation of best practices in foreclosure prevention throughout each company.

“Professor Warren and her fellow members of the Congressional Oversight Panel have already done tremendous work to bring real oversight to the bailout,” said Maude Hurd, ACORN President. “Now their leadership is again needed to assist millions of struggling families who are fighting to save their homes and unable to get a reasonable offer from their lender or even get a decision-maker on the phone. The mortgage industry is broken, and it will not be easy to fix, but the Obama Administration’s bold plan is a great start.”


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