Foreclosure Crisis Needs Federal Response, Harvard’s Porter Says

The U.S. government’s failure to propose a national solution to the mortgage foreclosure crisis is exacerbating the problem and leading to panic, according to a law professor who studies home repossessions.

Katherine Porter, a visiting professor at Harvard Law School who has studied how banks handle the process, urged national regulators such as the Office of the Comptroller of the Currency, the U.S. Department of Housing and Urban Development and the new Bureau of Consumer Financial Protection to educate the public and provide national solutions.