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AP: Akaka co-sponsors foreclosure overhaul bill in Senate
Tue, May 17, 2011
The Associated Press
HONOLULU
HONOLULU
U.S. Sen. Daniel Akaka is introducing a bill meant to help homeowners at risk of foreclosure stay in their homes.
Akaka, a Democrat representing Hawaii, joined 10 other senators backing the bill Monday.
The legislation would end the process of foreclosures proceeding at the same time as homeowners are being considered for non-foreclosure alternatives.
The measure also requires banks and mortgage servicers to create a single point of contact for homeowners to work with.
Akaka said he's heard from families frustrated by delays, confusion, broken promises and conflicting advice.
He said the legislation will help families and loan servicers communicate toward their mutual benefit.
May 17, 2011 12:00 PM EDT
