Foreclosure prevention workshop Tuesday at Gillette Stadium

[0:00]" Tell me about what led to the decision. Two host of this foreclosure prevention worker."

[0:06]" We're hosting this event because as we talk to borrowers. We increasingly heard reports that it was very difficult to reach the service serves in order to try to get some mitigation their own problems. And we talked the service others were provided the love. They said they were having great difficulty in reaching the borrowers. Of this event designed to bring those two groups together to try to take a look at people's financial situation. And see if there's more that can be done with their mortgages."

[0:33]" Are you hoping that this is more than just an information all events but an event that could actually. Lead to some agreements."

[0:41]" We expect it will lead to some agreement that we want the borrowers actually -- the events with financial information which includes. Their income -- that that type of things that you would have any time that you were trying to get a loan not a house bring that information. And hopefully the loan service users will be able to work directly with them at this."

[1:01]" Now when you speak about loans sir Richard as will some major. Mortgage companies and and brokers --"

[1:08]" All the major mortgage companies will be there it's been organized by -- now. And the ten largest. Will all be there and we have when he workers are pressures in total that will be there the hope now event that they've organized. This will be an event that has quite a few more Serb officers than normal normally they get up -- twelve survivors'."

[1:30]" Now tell me about the Fed's involvement what are you. Supplying. To both the people who have mortgages that are in trouble. And some of these servers reasonable lenders."

[2:15]" You know assure I don't remember I don't recall an event such as this being held before tell me about the depth of this issue. And how we can't resolve this going forward obviously is still of very large drag on the economy."

[2:29]" He's having problems don't get rectified in short period of time. Unfortunately when we've seen housing prices decline in other parts of the country has taken quite some time to recover. And unfortunately I think that's going to be true in this situation. We're hoping that this type of that will certainly help some borrowers but it's not going to be the solution forever."

[2:51]" Are you confident that many of these lenders answer roasters. Has now tightened up there are a lending regulations and guidelines so what we are not going to on the same road."

[3:01]" There's been a number of new regulations that happened promulgate and as a result of these problems. And to be honest many of the people that were originally -- of the sub prime market are no longer financially viable on."

[3:22]" Yes some of that is some of them heard loan service serves as opposed to the people that actually originated the loans in the first place. But you're right we're including all the largest -- sisters some of -- It their -- underwriting but many of them. Who -- servicing loans for companies that no longer around."

[3:59]" Yeah actually they're already regulations that have just been approved that have focused on some of abusive practices that occurred during. The sub prime boom and I would hope that those actions are going to prevent the kind of abuses that we've seen the last several years."

[4:17]" What is available to homeowners let's let's choose somebody if you can maybe. A person who has missed half of those in payments there on the road toward foreclosure. But they do that income they they do have. Some income but. What what options are open to them."

[4:36]" Well it's up to the service or to negotiate with the -- terms that we'll both be affordable for the borrower and will be financially reasonable of the service there. In some cases that will mean reduction in principal or reduction of interest. For other borrowers that may mean an extension of the terms of the mortgage. So that missed payments will be tacked on to the end of the mortgage. There are right at different actions that long service or can't take each of these will be done on a case by case basis so depends on. Individual circumstances of the borrower and the lenders. Workers are -- position. And how they view the situation."

[5:14]" Will any provisions of the new mortgage legislation that was just passed by congress and signed by the president. Of the applicable in these cases."

[5:22]" That becomes applicable October 1 there's certainly quite aware of the conditions of that legislation. And so we're so far it -- makes sense. Get together the document so that on October 1 they'll be ready to move on and other circumstances the order service or may be able to do something right there and then. So I think it depends on the personal circumstances. Which is why it face to face meeting its -- or."

[5:46]" Tell me both of them the event -- what are the hours and other people get there."