H.R. 4953 Miller, Ellison Introduce the Mortgage Servicing Conflict of Interest Elimination Act Bill to Address Conflict of Interest in Mortgage Companies

Washington, D.C. – Just moments before the House adjourned last week, Reps. Brad Miller (D-NC)  and Keith Ellison (D-MN), both Members of the Financial Services Committee, introduced legislation that will eliminate a conflict of  interest that may be preventing large mortgage companies from modifying troubled mortgages voluntarily. Many large mortgage companies own second mortgages on … Read more

Fair Game – In the Mortgage Drama, One Role Is Enough – Gretchen Morgenson

Enter Mr. Miller’s bill, the Mortgage Servicing Conflict of Interest Elimination Act. It bars servicers of first loans they do not own from holding any other mortgages on the same. ~ “Unless we can make servicers modify mortgages through bankruptcy or eminent domain, the servicers are not going to reduce principle,” ~ “Their stance does … Read more