McCaskill Holds Senate Hearing in St. Louis on Reverse Mortgages

McCaskill Holds Senate Hearing in St. Louis on Reverse Mortgages

Will examine industry problems and potential solutions

WASHINGTON, D.C. – June 29, 2009 – (RealEstateRama) — These days television shows are regularly interrupted with commercials about a “great” new financial opportunity backed by the federal government: a reverse mortgage loan that allows seniors to convert the equity in their homes into cash. While this can be a useful tool for some, many elderly homeowners are prime targets for predatory lending schemes in a rapidly growing industry.  Read prepared testimony of the witnesses by CLICKING HERE.

Because seniors often have so few financial resources beyond their home equity, it’s especially important that strong consumer protections exist to keep seniors from falling prey to aggressive marketing and predatory lending tactics. When seniors are taking advantage of and default on these loans, the government, not the lender, is frequently left holding the bag.

 

U.S. Senator Claire McCaskill will chair a Senate field hearing on Monday, June 29 in St. Louis, MO to examine growing problems in the quickly expanding reverse mortgage industry.

 

McCaskill has been one of the only Senators investigating problems with the reverse mortgage industry. To see her previous record and some frequently asked questions about reverse mortgages, click here.

 

 

 

Senate Hearing on Reverse Mortgages – Monday, June 29, 2009

 

WHAT:                 Senate Special Committee on Aging field hearing

 

WHO:                   Chaired by U.S. Senator Claire McCaskill

 

WHEN:                 Monday, June 29, 2009

                              9:00 A.M. CT

 

WHERE:              OCHS Senior Center

975 Pennsylvania Ave.

University City, MO 63130

 

 

WITNESSES:      Panel I

                              Ann Jaedicke,

                              Deputy Comptroller for Compliance Policy

                              Office of the   Comptroller of the Currency

                              Mathew J. Scire

                              Director, Financial Markets and Community Investment

                              Government Accountability Office

                              Anthony G. Medici

                             Special Agent in Charge, Criminal Investigation Division

                             Office of Inspector General, U.S. Department of Housing and Urban Development

                              Panel II

                            Daniel Claggett

                            Managing Attorney, Legal Services of Eastern Missouri

                            Buz Zeman MSW / LCSW

                            Director, Housing Options Provided for the Elderly (HOPE)

                            Peter H. Bell, President

                            National Reverse Mortgage Lenders Association

                            Mary Heinzer (Invited)

                            Senior

SHARE

Claire Conner McCaskill (born July 24, 1953) is an American Democratic politician, currently the junior United States Senator from the state of Missouri and former State Auditor of Missouri. She defeated Republican Senator Jim Talent in 2006 by a margin of 50% to 47%. She is the first female senator from Missouri elected in her own right.

Claire sits on four Senate Committees, including Armed Services, Commerce, Homeland Security and Government Affairs (HSGAC), and Aging. Claire is Chairman of an HSGAC Subcommittee on Contracting Oversight, and hopes to root out government waste. Additionally, Claire was named as one of the select Senators to sit on the Permanent Subcommittee on Investigations, formerly known as the Truman Committee.

Contact:

Office of Senator Claire McCaskill
United States Senate
Hart Senate Office Building, SH-717
Washington, D.C. 20510
(202) 224-6154
FAX (202) 228-6326

Kansas City
4141 Pennsylvania, Ste. 101
Kansas City, MO 64111
Phone 816-421-1639
Fax 816-421-2562

Previous article$500,000 In Disaster Grants Designated To Missouri Residents
Next articleTREASURER ZWEIFEL’S INVEST IN MISSOURI SIGNED BY GOVERNOR NIXON