Monday, February 11, 2008


Seniors Often the Victims of Financial Predators Due to Mortgage Crisis

WASHINGTON – On Wednesday, February 13, U.S. Senate Special Committee on Aging Chairman Herb Kohl (D-WI) will hold a hearing on the rise of financial scams across the country, the result of a sharp increase in foreclosures. Across the nation, foreclosures have increased by 95 percent in the past year. Foreclosure rescue scams target low-income and senior homeowners already facing a financial difficulty. Often these financial predators will claim that they can help “save” the home of a senior experiencing foreclosure, when in fact they plan to walk away with both the title and equity of the home. The hearing will review how rescue scams work, who they impact, and what the government can do to eliminate the scams.

WHAT: Special Committee on Aging Hearing
Foreclosure Aftermath: Preying on Senior Homeowners
WHEN: Wednesday, February 13 at 10:30 a.m.
WHERE: 628 Dirksen Senate Office Building
WHO: William Malone, Foreclosure Litigant, Washington, D.C.

Catey Doyle, Staff Attorney, Legal Aid Society, Milwaukee, Wisconsin
Thomas Perez, Secretary of Labor, Licensing and Regulations, State of Maryland ,John Anderson, Realtor, GRI Twin Oaks Realty, Minneapolis, Minnesota; on behalf of the National Association of Realtors
Rachel Dollar, Smith Dollar PC, Santa Rosa, California; on behalf of the
Mortgage Bankers Association,Peggy Twohig, Associate Director, Division of Financial Practices, Federal Trade Commission (FTC), Washington, D.C.

Mr. Malone will offer his personal experience as a rescue scam victim in Washington, D.C. His case was recently settled with the help of AARP and the attorneys at Hogan and Hartson. Ms. Doyle will discuss her experience attempting to litigate cases on behalf of rescue scam victims and speak to difficulties she has faced in doing so. Mr. Perez will discuss the foreclosures rescue situation in Maryland, the limitations of their current state law, and how Maryland’s proposed law differs. Mr. Anderson will offer an industry perspective, and also share how the foreclosures in his area have impacted the community he serves. Ms. Dollar will speak to lender responsibilities, fraud against the elderly, and challenges in shutting down schemes. Ms. Twohig will offer testimony about the FTC’s role in preventing foreclosure rescue scams.

Ashley GlacelPress SecretarySpecial Committee on AgingSenator Herb Kohl, ChairPh: (202) 224-5364 Cell: (202) 340-3299

A webcast of the hearing will be available on the Committee webpage:

No comments: