- Will the plan result in modifications that create affordable monthly payments?
- Does the plan deal with negative equity?
- Does the plan address junior mortgages?
- Does the plan overcome obstacles in existing pooling and servicing agreements that may prevent modifications?
- Does the plan counteract mortgage servicer incentives not to engage in modifications?
- Does the plan provide adequate outreach to homeowners?
- Can the plan be scaled up quickly to deal with millions of mortgages?
- Will the plan have widespread participation by lenders and servicers?
As with all the other Congressional Oversight Panel reports, Rep. Jeb Hensarling voted against the release of the document.
The full text of "Foreclosure Crisis: Working Toward a Solution" is available at: http://cop.senate.gov/documents/cop-030609-report.pdf