DeLauro in Milford to discuss mortgage assistance
MILFORD, Conn.—Connecticut U.S. Rep. Rosa DeLauro is drawing attention to legislation she has introduced to establish national standards for mortgage lenders and require them to improve communication with struggling homeowners.
DeLauro introduced the Regulation of Mortgage Servicing Act in January. She is holding a news conference Monday at the United Way of Milford to discuss the proposal.
She is expected to be joined by Attorney General George Jepsen, local homeowners and various advocacy groups.
Under her bill, lenders and mortgage servicers would have to create a single point of contact for borrowers.
They'd also have to stop the process of foreclosing on a property while negotiating loan modifications, and allow third-party reviews of loan modifications.
DeLauro said new national standards will help people negotiate and avoid foreclosure.