Live Stream Delivers Hope for Homeowners
Optimum Productions was asked to use its vast experience with video production in Atlanta to provide live streaming coverage for a recent field hearing by the Consumer Financial Protection Bureau.
You might be asking, which Bureau was that again? While it may be hard to distinguish one government office from the next, this topic will interest you if you have a mortgage on your home, or a friend or relative with financial worries has encountered the nightmare of trying to get a loan modified. Covering the hearing explained a lot to us about the current state of mortgage lending, and we’re the smarter for it.
The hearing addressed the tragic problem of borrowers unable to find solutions in the current unregulated climate of mortgage lending. As the Bureau’s Chairman explained in his prepared remarks, the Bureau found that “the direct link between many borrowers and their lenders had snapped. The rights to service a mortgage had often been sold and resold.” The mortgage servicer often lacked incentive to make a loan work out and might even prefer a foreclosure. The Chairman observed that “People were trapped in a broken system, with deeply tragic consequences.”
The hearing covered by Optimum Productions announced the Bureau’s newly written rules to address the main flaws of this broken system. The new rules are essential when one considers that the mortgage market is the single largest consumer financial market in the United States, with consumers owing about $10 trillion on their homes. Mortgage servicers play a central role in the lives of homeowners. They manage collection of payments, and they hold the reins when a homeowner asks for modification to the terms of a loan. They also handle the stressful foreclosure process.
Mortgage services have a profound effect on personal outcomes for borrowers and on the economy. The Bureau’s new rules aim to provide a fair and effective process for borrowers who face the possibility of losing their homes. We were glad to use our skill with Atlanta video production to send out a word of hope to homeowners, that long-needed improvements in this area are on their way.