Lawmakers plan to return to debating the future of housing finance this week and bring attention back to foreclosure prevention efforts.
The House Financial Services Committee has scheduled a hearing today on second liens and other barriers to principal reduction as an effective foreclosure mitigation tool with top executives from the mortgage divisions of Bank of America Corp., Citigroup Inc., JPMorgan Chase & Co. and Wells Fargo & Co.
On Wednesday the full committee plans to return to the topic of reforming the government-sponsored enterprises and revamping the housing finance system with testimony from Housing and Urban Development Secretary Shaun Donovan.
A second scheduled panel is expected to include representatives from the Independent Community Bankers of America, the Financial Services Roundtable's Housing Policy Council, the National Association of Homebuilders and the National Council of State Housing Agencies.
Later that afternoon the Financial Services Committee's housing subcommittee has planned a hearing on proposed changes to the administration's Home Affordable Modification Program with testimony from David Stevens, HUD's assistant secretary for housing and the Federal Housing Administration commissioner. A second panel with testimony from academics and consumer representatives is also planned.
Thursday, Donovan is slated to return to Capitol Hill for a Senate Banking Committee hearing on the administration's HUD budget initiatives including reforms to the Federal Housing Administration.