MILLBRAE (KCBS)_Congresswoman Jackie Speier was on hand in Millbrae for Saturday’s home foreclosure prevention workshop geared towards giving homeowners assistance when it comes to navigating the process of protecting their homes.
The event, hosted by Federal Home Loan Bank of San Francisco was held in the gym of Millbrae’s Mills High School.
The workshop came as Bank of America, joined GMAC and JP Morgan Chase in halting foreclosures amid doubts the companies had correctly followed laws on the foreclosure process.
Employees apparently engaged in robo-signing of documents, with out understanding the facts.
GMAC, one of the largest mortgage lenders in the U.S., actually pulled out of the workshop.
“When you look at GMAC who appears to be one of the biggest offenders, it’s owned by the U.S. government,” lamented the Congresswoman who represents the Peninsula and parts of San Francisco.
Assistant V.P. of regulatory affairs with Federal Home Loan Bank of San Francisco Kevin Blackburn explained that the objective of the workshop is to provide foundational information about the foreclosure process so that homeowners aren’t caught blindsided by scammers and that they understand the roles of housing counselors.
More than three million households nationwide have received notices of foreclosure and more than one million homes have been foreclosed on.
According to the National Association of Realtors, distressed homes which include foreclosed properties made up 34 percent of sales nationwide.
“We’re telling them that there is hope number one and that education is the best thing for them,” said Blackburn.
Congresswoman Speier, added that banks should be held accountable.
“We should be doing everything in our power to keep people in their homes if they’re qualified,” said Speier.
The concerned Congresswoman added that a number of foreclosure cases make their way into her office $15,000 behind in pay and that they typically end up with the house being up for auction.