Durbin: If Dismal Housing Numbers Continue, Congress May Be Forced to Act

[WASHINGTON, D.C.] – Assistant Senate Majority Leader Dick Durbin (D-IL) issued the following statement today after a new report showed the Treasury Department’s Home Affordable Modification Program had a fourth consecutive month of low foreclosure modifications.


Last month, only 124,000 mortgage modifications were started; 3 million homeowners are currently eligible for modifications under the program.


“Waiting for banks to ‘volunteer’ to end this foreclosure crisis is a waste of time. Treasury’s latest report show this approach has failed miserably.”


“It’s time for the Treasury Secretary to sit down with Congressional leadership and work to end this blight on our economic future.”


Overall, only 360,165 families have started the modification process in the Home Affordable Modification Program’s first four months of operation. Last month there were 360,149 new foreclosure filings according to RealityTrac – a service which tracks home foreclosures nationally.