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Wednesday, July 29, 2009
Law - "Mortgage Servicers Are Under Pressure to Modify More Loans"
Ruth Simon reports today in the WSJ:
Frustrated with the slow progress of President Barack Obama's housing-rescue plan, administration officials met with mortgage executives Tuesday and pressed them to pick up the pace of loan modifications for troubled borrowers. * * *Officials from 25 mortgage-servicing companies, including Bank of America Corp., Citigroup Inc., J.P. Morgan Chase & Co. and Wells Fargo & Co., were summoned to the meeting to discuss ways to improve the program, which was announced with fanfare in February. The program provides financial incentives for mortgage servicers and investors to reduce loan payments to affordable levels. * * *
The plan is one of the cornerstones of the Obama administration's effort to stabilize the housing market. But months after it was introduced, borrowers and housing counselors are complaining of long waits for help, lost paperwork and mortgage-company employees who don't understand the program. * * *
Administration officials said that by Aug. 4 they will release information on the performance of individual mortgage-servicing companies, including the number of trial modifications offered to eligible borrowers and the number of trial plans that are under way.
Posted by Marcia Oddi on July 29, 2009 09:37 AM
Posted to General Law Related