LAWMAKERS REACT by ABC2 News Investigator Tisha Thompson
Posted June 13, 2007 Governor Martin O’Malley announced the creation of the “Maryland Homeownership Preservation Task Force” today. The announcement comes one-month after the ABC2 News Investigators were the first to show you how bad Maryland’s foreclosure problems have become.
O’Malley wants anyone facing real mortgage/foreclosure problems to call a new foreclosure hotline: 888-784-0136.
You can also file a complaint against a lender or broker.
Or you can apply for a better mortgage backed by the state of Maryland.
Listen to Governor Martin O’Malley and DLLR Secretary Thomas Perez outline their new plan by clicking on their names in the video box to the right.
Posted May 30, 2007 Listen to each lawmaker’s raw interview by clicking on their name in the video box to the right.
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 or Senator
Contact your state lawmakers