Word: loan
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...Without incentives, loan modifications would not get done. "The programs are well behind where the government thought they would be at this point in time, and part of [the reason] is probably the amount of remuneration that these entities receive on a per loan basis," he says...
...list of firms expected to get HAMP subsidies reads like a Who's Who of major subprime lenders and loan servicers, including financial institutions that have already received big bucks in the government's bank bailout. Countrywide, which is now owned by Bank of America and was one of the country's biggest subprime lenders, may receive up to $5.1 billion in incentive payments to modify loans...
...alternative to HAMP would be the proposed "cramdown" legislation, whereby a bankruptcy judge would be given carte blanche power to modify a loan by lowering the interest rate, reducing the principal amount or extending the term of the loan to make the monthly mortgage payments more affordable to the troubled homeowner. Under this program, firms would not get the big subsidies, since the judge would be acting unilaterally in modifying the loan. (See how Americans are spending...
...Accused of defrauding Citibank of $74 million after allegedly forging loan documents dating back...
Quotes About: "[The bank accounts] either never existed or had been closed years before Nemazee submitted the documents referencing those accounts." -U.S. attorney Preet Bharara on Aug. 26, describing how authorities believe Nemazee mislead Citibank with false financial documents in order to obtain a multi-million dollar loan...