Cox Testifies on Foreclosure Crisis Before U.S. Senate Committee
FEBRUARY 24, 2009—On Thursday, Feb. 26, Associate Clinical Professor Prentiss Cox will testify before the U.S. Senate Committee on Commerce, Science and Transportation at a hearing on consumer protection and the credit crisis. John D. Rockefeller IV chairs the Committee and Minnesota Senator Amy Klobuchar is a member.
Cox will address the unfair and deceptive practices targeting homeowners in foreclosure and describe consequences of the mortgage default crisis. In addition, he will suggest ways that government can regulate foreclosure rescue scams and help protect families in foreclosure, using as an example the success of the Minnesota Equity Stripping Task Force's collaborative approach. The task force was organized in 2003 by the Volunteer Lawyers Network and Mid-Minnesota Legal Services. Among Minnesota's effective legal protections are formal closing and extended right-to-cancel requirements on foreclosure reconveyance transactions, as well as substantive compensation restrictions on foreclosure consultants.
Before joining the Law School faculty in 2005, Cox was an assistant attorney general and manager of the Consumer Enforcement Division in the Minnesota Attorney General's Office. The primary focus of his work there was combating mortgage fraud and attacking predatory conduct against homeowners in foreclosure. He helped draft legislation designed to regulate foreclosure rescue scams that was subsequently enacted by the Minnesota legislature.
Cox has prosecuted numerous nationally recognized cases involving predatory lending and subprime mortgage lending, foreclosure, credit card practices, and telemarketing fraud. He is a frequent speaker on consumer protection issues and has drafted and testified for numerous consumer protection laws related to mortgage lending, foreclosure fraud, telemarketing, and other matters.