Aggravated with the slow development of President Obama’s housing-rescue plan, administration officials met the mortgage executives Tuesday and pushed them to pick up a good tempo of loan modifications for troubled borrowers.
The meeting at the Treasury Department observed the officials calling on mortgage-servicing companies more than doubles the number of borrowers getting help under the foreclosure-prevention plan by November 1.
The administration’s target is 500,000 trial modifications, in which borrowers normally make three months of reduced payments before they can qualify for a full modification. So far, more than 200,000 trial modifications are in progress. Administration officials have said the plan could eventually help three million to four million homeowners.
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 advance the plan, which was announced with fanfare in February. The plan provides financial incentives for mortgage servicers and investors to reduce loan payments to affordable levels.
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Indeed a very well written article, very informative thanks for posting it on the net..I could use this as reference and many others can also use it.
Thanks again..
Jain Neha
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