(Cleveland)- Senator Sherrod Brown wants to put an end to banks simply abandoning foreclosed homes.
During a news conference Tuesday at Neighborhood Housing Services in Cleveland Brown said the abandoned homes or "bank walkaways" foster crime and leave taxpayers on the hook.
He has introduced the "Foreclosure Fraud Prevention and Homeowner Protection Act," to get banks to work with homeowners who are behind on their payments.
-The legislation would protect homeowners from servicer errors, miscommunications and abusive fees.
-End the rush to foreclosure and require servicers to work with homeowners to find sustainable mortgages.
-Improve standards for staffing and casework by mortgage servicers.
-Protect the interests of investors who buy securities backed by residential mortgages.
-Reform oversight of pools of securitized mortgages.