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
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
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)