LAWMAKERS REACT
by ABC2 News Investigator Tisha Thompson

An eight-part investigative series from ABC2 News called “Mortgage Meltdown” has prompted promises for reform from powerful Federal and state lawmakers. On Capitol Hill, Congressman Elijah Cummings (D-MD 7th) has already demanded explanations from the Federal Reserve Board and Senator Barbara Mikulski (D-MD) says she’s trying protect homeowners with her “Borrower’s Protection Act.”

At the state level, Secretary Thomas Perez, the man in charge of regulating Maryland’s mortgage industry, wants the power to tract mortgage brokers who have a disproportionate number of loans that go into foreclosure. After watching Perez in our ABC2 News Investigation, House Speaker Mike Busch (D-MD 30th District) says it’s an idea worth “serious consideration.” Busch also agrees Maryland’s 15 day foreclosure law, considered by many to be the fastest in the nation, may need to be changed.

After watching “Mortgage Meltdown,” Maryland Senator Lisa Gladden wants to not only lengthen the 15 day law, she also wants to make loan agreements easier to understand, educate home buyers and help as many people as possible get cheaper “prime” loans instead of subprime loans. In the face of a “foreclosure tsunami” Gladden says as lawmakers, “we’ve got to do something.”

But Gladden, Cummings and all the lawmakers we’ve interviewed say they need you to get angry and write letters to them demanding change.

Contact your Congressman

Contact your state lawmakers

Listen to these lawmaker’s raw interviews by going to the video player on the right.