Hundreds of lenders told federal housing officials Thursday that a $300 billion mortgage aid program requires too many losses for consumers and lenders to realistically help 400,000 Americans avoid foreclosure.
“This program is extremely difficult and complex and just not logistically possible,” said Jason Graydon, a mortgage loan officer with Bank of Travelers Rest, in Travelers [...]
Lenders Speakout Against Government Package on Foreclosure Prevention
November 13th, 2008 · No Comments
Tags: "mortgage modification" · Avoiding Foreclosure · Government Bailout
Roundup of Lenders Participating in the Streamlined Mortgage Modification Plan
November 13th, 2008 · 1 Comment
Fannie Mae, Freddie Mac and HOPE NOW, along with the Treasury and Federal Housing Finance Agency (FHFA), devised a free market plan to help only those homeowners whose mortgages are guaranteed toxic. In compliance with the Bush Administration doctrine – assist no homeowner who can make his payments or can be foreclosed profitably. [Sarcasm homegrown].
In [...]
Tags: "mortgage modification" · Government Bailout
Residential Capital, 5th Largest Mortgage Servicer Also Supports Streamlined Modification Plan
November 12th, 2008 · No Comments
Following the lead of many other mortgage servicers, Residential Capital has joined the mortgage lenders in supporting help for homeowners. The Chairman and CEO, Thomas Marano in response to the Streamlined mortgage modification Plan ssued the following statement: “Residential Capital, LLC (ResCap) strongly supports the actions taken today by the Federal Housing Finance Agency, the [...]
