Updated: Merkley Pushes HUD Secretary /Administration to Do More on Foreclosure Problems.

Update: Senator Merkley's housing policy staffer Will White has provided me with a copy of the Redemption at Foreclosure bill that would allow a family to expedite the purchase of their home via a short sale in lieu of going through a purchase at foreclosure. The bill itself is HERE; a shorter Q and A about the bill is HERE.
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During a Senate Banking Committee hearing today on HUD legislative proposals, Oregon Senator Merkley urged HUD Secretary Donovan and the Obama Administration to 1.Look at his proposal to allow a family to buy back their home at foreclosure auction and 2. To play a more active role in facilitating short sales. (I am not aware of specifics of these proposals, if anyone has the details feel free to let me know).

The Senator also asked for continued innovative approaches and new tools to deal with the foreclosure and loan modification problems. My take is that the Senator did not seem satisfied by the responsiveness of the Secretary to his suggestions (and the Secretary did go in the weeds a bit).

Take a look yourself starting at 113:38 in the video (move the slider at the bottom of the video HERE to the right until you reach that value in left slide of the slider).

Other Senators at the hearing also pushed the Secretary on foreclosure and loan mod issues.

Originally created and posted on the Oregon Housing Blog.